- PharmaDrug ( OTCQB:LMLLF ) has raised $650,000 through the sale of debenture units.
- Each unit is comprised of a $1,000 principal amount convertible secured debenture and 20,000 common share purchase warrants.
- 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 $0.05.
- The company has agreed that 50% of the proceeds realized from the sale of the consideration received from the sale of Pharmadrug GmbH to Khiron Life Sciences.
- Company also announces today that it will be issuing 2.1M shares to the holders of its 12% convertible debentures as an agreed payment to delay current interest payments due by 12 months and 200,000 common shares for the satisfaction of an outstanding payable.
- The shares will be issued at a deemed price of $0.05.
For further details see:
PharmaDrug announces offering of $650,000 of convertible secured debentures and issuance of shares