- PharmaDrug (PHRX) has announced a non-brokered private placement for gross proceeds of $650,000
- The company issued debenture units comprised of a $1,000 convertible secured debenture and 20,000 common share purchase warrants
- The company will be issuing 2,089,963 common shares to the holders of its convertible debentures and 200,000 common shares for the satisfaction of an outstanding payable
- The net proceeds from the offering will be used for working capital purposes
- PharmaDrug is a specialty pharmaceutical company focused on the development and commercialization of controlled-substances and natural medicines
- PharmaDrug Inc. (PHRX) opened trading at C$0.03
PharmaDrug (PHRX) has announced a non-brokered private placement for gross proceeds of $650,000.
The company issued debenture units comprised of a $1,000 convertible secured debenture and 20,000 common share purchase warrants. Each debenture bears interest at a rate of 15 per cent per annum payable monthly, matures one year from the date of issue and is convertible into common shares. Each warrant entitles the holder to acquire one common share for $0.05 for a period of two years.
The net proceeds from the offering will be used for working capital purposes.
The company will be issuing 2,089,963 common shares to the holders of its convertible debentures and 200,000 common shares for the satisfaction of an outstanding payable.
The company believes that the payment of the penalty to alleviate cash constraints. The independent members of the board of directors have reviewed and approved the terms of the payment.
PharmaDrug is a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines including psychedelics, cannabis and naturally-derived approved drugs.
PharmaDrug Inc. (PHRX) opened trading at C$0.03.