PharmaDrug Inc. Announces Proposed Non-Brokered Private Placement

Toronto, Ontario–(Newsfile Corp. – February 1, 2024) – PharmaDrug Inc. (CSE: PHRX) (OTC Pink: LMLLF) (“PharmaDrug” or the “Company“), is pleased to announce a proposed non-brokered private placement offering of units (“Units”) to raise total gross proceeds of up to $326,000 (the “Offering“).

Pursuant to the Offering the Company will issue up to 6,520,000 Units at a purchase price of $0.05 per Unit for aggregate gross proceeds of up to $326,000. Each Unit will be comprised of one common share in the capital of the Company (a “Common Share“) and one-half of one Common Share purchase warrant (each whole warrant being referred to herein as a “Warrant“). Each Warrant will entitle the holder to purchase one additional Common Share at an exercise price of $0.10 at any time up to 24 months following issuance of the Warrant.

Proceeds will be used for general corporate purposes.

Certain insiders of the Company may participate in the proposed offering. If there is participation by insiders the Company will be issuing securities to purchasers that are considered “related parties” (within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“)), making the applicable offering a “related party transaction” (within the meaning of MI 61-101) (the “Related Party Subscriptions”). If such sales are completed the Company will be exempt from obtaining a formal valuation for, and minority approval of, the Related Party Subscriptions pursuant to Section 5.5(b) and 5.7(1)(a) of MI 61-101, respectively.

About PharmaDrug Inc.

PharmaDrug is a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics and previously approved drugs. PharmaDrug owns 51% of Sairiyo Therapeutics (“Sairiyo”), a biotech company that specializes in researching and reformulating established natural medicines with a goal of bringing them through clinical trials and the associated regulatory approval process in the US and Europe. Sairiyo is currently developing its patented reformulation of cepharanthine, a drug that has shown substantial third party validated potential for the treatment of infectious disease and rare cancers. PharmaDrug also owns 100% of SecureDose Synthetics Inc., a pharmaceutical research and development company focused on the development of synthetic formulations of currently existing drugs for potential commercialization and distribution.

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