PharmaCielo Ltd. (“PharmaCielo” or the “Company”) (TSXV: PCLO) (OTCQX: PCLOF), the Canadian parent of Colombia’s premier cultivator and producer of dried cannabis flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S. (“Holdings”), today announced that it has made an initial shipment of CBD Isolate to a pharmaceutical company in Morocco, to facilitate pre-commercial testing. The customer is developing a portfolio of cannabinoid medicines, both non-psychoactive, and psychoactive.
Bill Petron, CEO of PharmaCielo, commented, “With our first shipment to Morocco, PharmaCielo products are now at various stages of testing and sales with customers in 12 countries globally. This customer provides us with both our first potential relationship in Africa, as well as an additional gateway to the EU market. Our business development team has done an outstanding job of getting PharmaCielo into the testing and auditing phases at several large potential customers, and we expect this activity to translate into commercial deals in the coming months, paving the way to significant revenue growth for the Company.”
The Company also announced that it intends to issue, subject to the approval of the TSX Venture Exchange, 1,349,016 common shares of the Company (“Interest Shares”), at an effective price of $0.3704 per Interest Share, in satisfaction of an aggregate of $499,657.67 in semi-annual interest payments due to holders of 11% secured debentures of the Company due December 24, 2024 (the “Debentures”). The effective price of the Interest Shares was determined by dividing the cash interest otherwise payable, by the number of shares issuable under each Debenture, as determined on December 1, 2022, in accordance with the terms of the Debentures.
Today, the Company also announced that it intends to issue, subject to the approval of the TSX Venture Exchange, the settlement of $260,000.00 of debt owed to a former Officer of the Company, through the issuance of an aggregate amount of 701,969 common shares of the Company (the “Payment Shares”) at a deemed price of $0.3704 per Payment Share.
The Interest and Payment Shares will be issued in reliance on certain prospectus exemptions available under securities legislation and 752,136 of the Interest and Payment Shares issued fall within the four-month plus one day statutory hold period.
