Pharmadrug Inc. announced that it has received CAD 0.1 million in funding
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 securities issued under the transaction will subject to a statutory four month and one day hold period. 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 CAD 0.05. The transaction is expected to close this week. Each warrant entitles the holder to acquire one common share at a price of CAD 0.05 per share for a period of two years following the issuance thereof.