PharmaDrug Announces Non-Brokered Offering of $100,000 of Convertible Secured Debentures

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[{"type":"text","content":"PharmaDrug Announces Non-Brokered Offering of $100,000 of Convertible Secured DebenturesToronto, Ontario--(Newsfile Corp. - April 14, 2023) - PharmaDrug Inc. (CSE: PHRX) (OTCQB: LMLLF) (\"PharmaDrug\" or the \"Company\"), a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics and naturally-derived approved drugs, is pleased to announce that it has raised $100,000 through the sale of debenture units (\"Units\"). Each unit is comprised of a $1,000 principal amount convertible secured debenture (a \"Debenture\") and 20,000 common share purchase warrants (each a \"Warrant\"). Each Debenture bears interest at a rate of 15% per annum payable monthly in arrears, matures one year from the date of issue and is convertible into common shares at a price of $0.05 (subject to adjustment). Each debenture is secured by a general security agreement from the Company and its wholly-owned subsidiary Sairiyo Therapeutics Inc. (\"Sairiyo\") and a pledge of the shares of Sairiyo. Each subscriber is entitled to a closing fee in the amount of 8% of their aggregate subscription price which fee was paid by way of a set off against the $1,000 Unit purchase price. The Company has agreed that 50% of the proceeds realized from the sale of the consideration received from the sale of Pharmadrug GmbH to Khiron Life Sciences Corp. will be paid to the holders of the debentures. The Debenture ranks pari passu with the debentures issued by the Company in August 2022. The Company has been paying down principal over the past several months and the combined balance following this round will be $609,000. Each Warrant entitles the holder to acquire one common share at a price of $0.05 per share (subject to adjustment) for a period of two years following the issuance thereof. The net proceeds from the offering will be used for working capital purposes.About PharmaDrug Inc.PharmaDrug is a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics and previously approved drugs. PharmaDrug owns 100% of Sairiyo Therapeutics (\"Sairiyo\"), a biotech company that specializes in researching and reformulating established natural medicines with a goal of bringing them through...

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