Panacea Life Sciences Holdings, Inc. announced that it has entered into securities purchase agreement with Lincoln Park Capital, LLC for private placement of a 10% original issue discount senior convertible promissory note for gross proceeds of $1,100,000 on November 18, 2021. The transaction will involve participation from Lincoln Park Capital Fund, LLC, a fund managed by Lincoln Park Capital, LLC. The company will also issue five-year warrants to purchase 785,715 shares of the company?s common share, par value $0.0001 per share at an exercise price of $1.40 per share. The note will be due November 18, 2022, which is one year from the issuance date. The note initially does not bear any interest, however upon and during the company?s failure to file all required reports and other documents with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934 by December 2021, the note will accrue interest at a rate of 12% per annum. Further, upon and during any event of default by the company, the note will accrue interest at a rate of 18% per annum. The warrants will be exercisable for a five-year term beginning on May 18, 2022, at an exercise price of $1.40 per share.