PharmaDrug Announces Share Consolidation and Change to Chief Financial Officer

PharmaDrug Inc. (CSE: PHRX) (OTCQB: LMLLF) (“PharmaDrug” or the “Company“), announced today that it will be proceeding with the consolidation of its common shares (the “Common Shares“) on the basis of seven (7) pre consolidated Common Shares into one (1) post consolidated Common Share (the “Share Consolidation“). The effective date for the Share Consolidation will be October 24, 2023 and the record date for the Share Consolidation will be October 25, 2023.

Effective October 24, 2023, the Company will commence trading on the Canadian Securities Exchange on a consolidated basis and the new CUSIP and ISIN number will be 71716W204 and CA71716W2040 respectively.

The Share Consolidation will result in the number of issued and outstanding Common Shares being reduced from the current outstanding 360,626,346 Common Shares to approximately 51,518,049 Common Shares. The Company’s outstanding convertible securities will also be adjusted in accordance with their terms to reflect the Share Consolidation.

No fractional Common Shares will be issued as a result of the Share Consolidation. Any fractional shares resulting from the Share Consolidation will be rounded down to the next whole Common Share, and no cash consideration will be paid in respect of fractional shares.

The Company also wishes to announced that it has appointed Kyle Appleby as its Chief Financial Officer in place of the Company’s former Chief Financial Officer, Keith Li. Kyle Appleby is an experienced public company CFO with a CPA designation and a specialization in providing accounting and governance related services to all types of companies. Kyle has worked with over 20 public companies across several exchanges including the Canadian Securities Exchange and the Toronto Stock Exchange. The Company wishes to thank Mr. Li for his efforts on behalf of the Company.

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 (including Covid-19) and rare cancers. Sairiyo is also conducting R&D in the psychedelics space for the treatment of non-neuropsychiatric conditions.

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