Pharmala announces private placement by Investing.com

TORONTO, Dec. 13, 2024 (GLOBE NEWSWIRE) — PharmAla Biotech Holdings Inc. (Pharmala or a company) (CSE: MDMA) (OTC: MDXXF), a biotechnology company focused on the R&D and manufacturing of LaNeo™ MDMA and novel MDMA derivatives (MDXX class molecules), is pleased to announce its intention to complete a non-brokered private placement For the company’s units (each, a lonliness) at $0.18 per unit for total gross proceeds of $1,400,000 ( an offer) or a greater amount at the Company’s discretion. The offering may be oversubscribed. The offering is expected to be purchased primarily by a single high-net-worth strategic investor.

Each unit consists of one common share in the capital of the Company (each, a Shared share) and one-half (0.5) warrants to purchase common shares of the Company (each whole warrant, a note). Each Warrant will entitle the holder to one additional ordinary share (each, Extra share) at a price of $0.27 per additional share at any time before 4:30 p.m. (Toronto time) on the date that is thirty-six months after the closing date (the date Warranty term), provided that if the closing price of the common shares on the Canadian Securities Exchange ( Private search engine) $0.38 or more per common share for ten consecutive trading days at any time after the completion of the offering, and the Company may accelerate the term of the warrants, consistent with the policies of the securities exchange, such that the warrants will expire on the date that is thirty days after the date of the Company’s issuance. For a press release announcing the reduction of the warranty period in accordance with the terms and conditions of the certificate representing these guarantees.

The Company intends to use the net proceeds from the offering to secure global patent rights to its portfolio of new intellectual property assets, manufacture products for sale, clinical pathways in the Company’s patented new drug candidates, sales, common stock and working capital. Purposes.

The units will be offered to qualified purchasers in reliance on exemptions from the prospectus and registration requirements of applicable securities legislation.

The Company may pay finders’ fees to qualified finders in connection with the offering, subject to compliance with applicable securities laws and CSE policies.

All securities proposed to be issued in connection with the Offer will be subject to a statutory hold period of four months and one day from the date of issuance. The offering is expected to close on or about December 20, 2024, subject to customary closing conditions and compliance with CSE policies.

About Pharmala

(CSE: MDMA) (OTCQB: MDXXF) is a biotechnology company focused on the research, development and manufacturing of MDXX class molecules, including MDMA. PharmAla was founded with a dual focus: to ease the global backlog of clinical grade generic MDMA to enable clinical trials as well as commercial sales in select jurisdictions, and to develop new drugs in the same class. PharmAla is the only company currently providing clinical grade MDMA for patient treatments outside of clinical trials. PharmAla’s R&D unit has completed proof-of-concept research in several IP families, including ALA-002, its lead drug candidate. PharmAla is the first regulatory organization, formed on the principle that true success in the psychedelic industry will only be achieved through excellent relationships with regulators.

For more information, please contact:
Nicholas Kadish
chief executive officer
PharmAla Biotech Holdings Inc.
Email: [email protected]
Phone: 1-855-444-6362
Website: http://www.PharmAla.ca

Neither the CSE nor its regulation services provider has reviewed or accepts responsibility for the adequacy or accuracy of this release.

Cautionary note regarding forward-looking statements

This press release contains forward-looking statements within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or statements can be identified by the use of forward-looking terminology such as plans, strategy, expects or does not expect, intends, continues, expects or does not expect, believes, or variations of such words and phrases or may. They contain statements that certain actions, events, or results will be taken, initiated, involved, permitted, continued, will occur, or will be achieved. Forward-looking information and statements contained herein include, but are not limited to, statements regarding: the Company’s intention to complete the offering and settle the debt; The offering and debt settlement are being conducted in accordance with the policies of the stock exchange and applicable securities laws; the expected size of the offering, timing of closing, locations and use of proceeds; The expected completion of the entire offering under the aforementioned conditions.

Readers are cautioned not to place undue reliance on forward-looking information. Actual results and developments may differ materially from those anticipated in such statements. Although the Company believes that the expectations reflected in these statements are reasonable, these statements are based on expectations, factors and assumptions regarding future events that may be inaccurate and are subject to numerous risks and uncertainties, some of which are beyond the Company’s ability. Control, including but not limited to, the risk factors discussed under the heading Risk Factors in the Company’s Management’s Discussion and Analysis, and elsewhere in this press release, as such factors may be updated from time to time in our periodic filings, available at www. .sedarplus.ca, which factors are incorporated herein by reference. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates, opinions, future events or results or otherwise, or to explain any material difference between subsequent actual events and those that are forward-looking. Information, except as required by applicable law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from U.S. registration requirements. The State Securities Act of 1933, as amended, and applicable state securities laws.

Source: Pharmala Biotechnology