Pharmala Biotech Holdings Inc. announced a non-brokered private placement offering of 4,166,666 units at a price of CAD 0.18 per unit for aggregate gross proceeds of up to CAD 749,999.88 on April 10, 2024. It is anticipated that the Offering will be funded solely by a small group of long term shareholders, known to the company. Each unit shall consist of one common share in the share capital of the company and one-half of one common share purchase warrant of the company.

Each warrant will entitle the holder thereof to acquire one additional common share at a price of CAD 0.27 per additional share at any time prior to 4:30 pm on the date that is thirty six months following the closing date provided that, if the closing price of the common shares on the Canadian Securities Exchange is CAD 0.38 or greater per common share for a period of ten consecutive trading days at any time after the completion of the Offering, The company may pay finder's fees to eligible 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 Offering 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 April 18, 2024, subject to customary closing conditions and compliance with CSE policies.

Directors and officers of the company may acquire securities under the Offering.