PharmAla Biotech (OTCPK: PMBHF) has launched a non-brokerage private placement with a minimum of 3,333,333 units and a maximum of 166,666,666 units, according to the company’s announcement Monday.
Bid price of $0.30 per piece for a total gross proceeds minimum $1 million and a maximum of $5 million.
Each unit consists of one common stock and one half of a common stock purchase order.
Each full security entitles the holder to one Common Share for a period of 24 months after the offering closes.
The net proceeds from the offering will be used to increase its stock of MDMA and psilocybin for future sales in Australia and outside Australia, phase II clinical trials of the patented ALA series of molecules, and general working capital purposes.
press release.