Sunshine Biopharma, Inc. announced that it entered into a securities purchase agreement with a single healthcare-focused institutional investor to issue 5,952,381 units and pre-funded units at a purchase price of CAD 0.84 per unit for aggregate gross proceeds of approximately CAD 5 million on May 12, 2023. Each unit or pre-funded unit consists of one share of common stock and two non-tradable warrants each exercisable for CAD 0.59 for one share of common stock. The warrants have a term of five and a half years from the issuance date.

No actual units will be issued in the transaction. The transaction is expected to close on May 16, 2023.