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PharmaCielo Provides Update on Non-Brokered Private Placement of Debenture Units

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PharmaCielo Provides Update on Non-Brokered Private Placement of Debenture Units

TORONTO and RIONEGRO, Colombia, March 4, 2022 /CNW/ - PharmaCielo Ltd. ("PharmaCielo" or the "Company") (TSXV: PCLO) (OTCQX: PCLOF), the Canadian parent of Colombia's premier cultivator and producer of medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S. ("Holdings"), today provided investors with an update on its non-brokered private placement of debenture units.

As previously announced, the Company has completed the issuance of $5,000,000 principal amount of its debenture units ("Units") via a non-brokered private placement. Further to PharmaCielo's news release dated February 4, 2022, the Company is in ongoing discussions with specific parties and expects to close the issuance of up to an additional $10,000,000 principal amount of Units in the coming weeks.

Each Unit consists of $1,000 principal amount of 11% secured debentures ("Debentures") and 250 non-transferable common share purchase warrants ("Debenture Warrants"). Each Debenture Warrant entitles the holder to acquire one common share of the Company (each a "Common Share") at an exercise price of $1.44 per Common Share until December 24, 2024 (subject to customary anti-dilution adjustments). The Debentures bear interest at a rate of 11% per annum, mature on December 24, 2024, and are guaranteed by Holdings. Holdings' guarantee of the Debentures will be secured by mortgages on the real property of the Company and its subsidiaries. Interest payable on the Debentures may be paid by the Company in Common Shares at the Company's option, subject to approval of the TSX Venture Exchange.

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D. H. Taylor
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Thanks for posting this.  I'm hopeful we get some consistent financials soon from these guys; I've not seen anything since June of last year.  I really think the international outlook is the next big thing.

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