PharmaCielo Announces Intention to Extend Expiry Date of Warrants

Rhea-AI Summary

PharmaCielo (TSXV: PCLO) (OTC: PCLOF) has announced its intention to extend the expiry date of 9,007,200 warrants. Subject to TSX Venture Exchange approval, the warrants' expiry date will be extended from November 20, 2024 to November 20, 2025. The warrants maintain their exercise price of $0.65. PharmaCielo is a Canadian company that operates through its Colombian subsidiary, which specializes in cultivating and producing dried flower and medicinal-grade cannabis extracts.

Positive

• None.

Negative

• The warrant extension could indicate challenges in raising capital through warrant exercises at the current price
• Extension of warrants maintains potential future dilution risk for shareholders

All figures in Canadian dollars ($) unless otherwise specified

Toronto, Ontario and Rionegro, Colombia--(Newsfile Corp. - November 5, 2024) - PharmaCielo Ltd. (TSXV: PCLO) (OTC: PCLOF) ("PharmaCielo" or the "Company"), the Canadian parent of Colombia's premier cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., today announced its intention to extend expiry date of 9,007,200 warrants.

Warrant Extension

PharmaCielo has applied to the TSX Venture Exchange (the "TSXV") to extend the term of certain common share purchase warrants (the "Warrants"). Subject to the approval of TSXV, the expiry dates of the Warrants will be extended as follows:

Number of Warrants:	9,007,200
Original Expiry Date of Warrants:	November 20, 2024
New Expiry Date of Warrants:	November 20, 2025
Exercise Price of Warrants:	$0.65

 

About PharmaCielo

PharmaCielo Ltd. (TSXV: PCLO) (OTC: PCLOF) is a global company, headquartered in Canada, with a focus on ethical and sustainable cultivating, processing and supply of all natural, pharmaceutical-grade medical dried cannabis flower and cannabis products to large channel distributors. PharmaCielo's principal (and wholly owned) subsidiary is PharmaCielo Colombia Holdings S.A.S., headquartered at its cultivation and processing center located in Rionegro, Colombia.

The board of directors and executive team of PharmaCielo are comprised of a diversely talented group of international business executives and specialists with relevant and varied expertise. PharmaCielo recognized the significant role that Colombia's ideal location plays in building a sustainable business in the medical cannabis industry, and the Company, together with its directors and executives, is executing on a business plan focused on supplying the international marketplace.

For further information

Ian Atacan, Director and Chief Financial Officer
i.atacan@pharmacielo.com

Media and Investor Inquires:
investors@pharmacielo.com

Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as "expects", "is expected", "intends", "anticipates", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be completed or achieved. Forward-looking statements in this news release include, without limitation, statements regarding the issuance of the debenture units, including the timing and completion of any future issuances thereof.

The forward-looking statements in this news release are necessarily based on assumptions, including assumptions with respect to PharmaCielo's ability to obtain necessary approvals for the issuance of the debenture units.

Forward-looking statements can be affected by known and unknown risks, uncertainties and other factors, including changes to PharmaCielo's development plans, the failure to obtain and maintain all necessary regulatory approvals relating to the export of cannabinoid products and the import of these products into other countries, TSX Venture Exchange approval, the inability to export or distribute commercial products through sales channels as anticipated due to economic or operational circumstances, risks associated with operating in Colombia, fluctuation of the market price for the Company's products, risks associated with global economic instability relating to COVID-19 or other developments, risks related to retention of key Company personnel, currency exchange risk, competition in PharmaCielo's market and other risks discussed or referred to under the heading "Risk Factors" in PharmaCielo's Annual Information Form for the financial year ended December 31, 2019, which is available at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking statements. Except as required by law, PharmaCielo undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228948

FAQ

What is the new expiry date for PharmaCielo's warrants (PCLOF)?

PharmaCielo is seeking to extend the warrants' expiry date to November 20, 2025, subject to TSX Venture Exchange approval.

How many warrants is PharmaCielo (PCLOF) extending?

PharmaCielo is seeking to extend 9,007,200 warrants.

What is the exercise price of PharmaCielo's extended warrants (PCLOF)?

The exercise price of the warrants remains at $0.65.