Pharmadrug Inc. announced a non-brokered private placement of 100 debenture units at a price of CAD 1,000 per debenture unit for gross proceeds of CAD 100,000 on April 14, 2023. Each debenture unit will consist of CAD 1,000 principal amount convertible secured debenture and 20,000 common share purchase warrants. Each warrant entitles the holder to acquire one common share at a price of CAD 0.05 for a period of 24 months from the closing of the offering. 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 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.