VANCOUVER, British Columbia, April 10, 2024 (GLOBE NEWSWIRE) -- PharmAla Biotech Holdings Inc. ("PharmAla" or the "Company") (CSE:MDMA) (OTC:MDXXF), a biotechnology company focused on the research, development, and manufacturing of LaNeo™ MDMA and novel derivatives of MDMA (MDXX class molecules), is pleased to announce its intention to complete a non-brokered private placement offering of units of the Company (each, a "Unit") at a price of $0.18 per Unit for aggregate gross proceeds of up to $750,000 (the "Offering"). It is anticipated that the Offering will be funded solely by a small group of long-term shareholders, known to the Company, who have expressed commitments. Each Unit shall consist of one common share in the share capital of the Company (each, a "Common Share") and one-half of one (0.5) Common Share purchase warrant of the Company (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one additional Common Share (each, an "Additional Share") at a price of $0.27 per Additional Share at any time prior to 4:30 pm (Toronto Time) on the date that is thirty six months following the closing date (the "Warrant Term"), provided that, if the closing price of the Common Shares on the Canadian Securities Exchange (the "CSE") is $0.38 or greater per Common Share for a period of ten consecutive trading days at any time after the completion of the Offering, the Company may accelerate the Warrant Term, in compliance with the policies of the CSE, such that the Warrants shall expire on the date which is thirty days following the date a press release is issued by the Company announcing the reduced Warrant Term in accordance with the terms and conditions of the certificate representing such Warrants. The Company intends to use the net proceeds of the Offering for the securing of global patent rights for its portfolio of novel intellectual property assets, manufacture of products for sale, clinical trails into the Company's novel patented drug candidates, sales, general corporate and working capital purposes. The Units will be offered to qualified purchasers in reliance upon exemptions from prospectus and registration requirements of applicable securities legislation. Directors and officers of the Company may acquire securities under the Offering, which will be considered a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Such participation is expected to be exempt from the formal valuation and minority ...