Panacea Life Sciences Holdings, Inc. Closes $1 Million Private Placement with Lincoln Park Capital Fund, LLC
Panacea Life Sciences Holdings, Inc. (OTCQB:PLSH) announced the closure of a private placement with Lincoln Park Capital Fund, LLC, raising $1 million. The transaction involved a 10% original issue discount senior convertible promissory note worth $1.1 million and warrants to buy 785,715 shares at a $1.40 exercise price. This funding aims to enhance growth strategies and market share for Panacea's cannabinoid products. The company operates a 51,000 square foot facility in Colorado and has secured prior investments totaling $34 million.
- Raised $1 million through a private placement.
- Secured a senior convertible promissory note of $1.1 million.
- Warrants allow potential sale of 785,715 shares at $1.40, increasing future funding opportunities.
- Aims to bolster growth strategies and expand market share.
- None.
GOLDEN, CO / ACCESSWIRE / December 2, 2021 / Panacea Life Sciences Holdings, Inc. (OTCQB:PLSH) ("Panacea" or the "Company"), a leading U.S.-based cannabinoid research and manufacturing company providing natural, non-habit forming medicines and wellness products as an alternative to Big Pharma product offerings, is pleased to announce that it has closed a private placement with the Lincoln Park Capital Fund, LLC ("LPC"), a Chicago-based institutional investor.
Pursuant to the terms and conditions of the Securities Purchase Agreement, the Company sold to LPC a
"With our vertically integrated business model and Colorado State University Cannabinoid Research Center, Panacea has laid the groundwork to be a world class cannabinoid company," commented Leslie Buttorff, Founder and Chief Executive Officer of Panacea. "The Lincoln Park investment allows us to focus on an aggressive growth strategy, clinical research, and studies, and we expect it will increase awareness and market share of the Panacea brand of products."
Aegis Capital Corporation acted as the exclusive placement agent for the private placement.
A more detailed description of the Securities Purchase Agreement and the securities sold thereby is set forth in the Company's Current Report on Form 8-K, which the Company filed with the Securities and Exchange Commission (the "SEC") on November 24, 2021.
About Panacea Life Sciences Holdings, Inc.
Panacea Life Sciences Holdings, Inc. is a leader in production of legal, trace THC, hemp-derived cannabinoid products for consumers and pets that operates a 51,000 square foot cGMP certified facility in Golden, Colorado and the PANA Botanicals farm in western Colorado, complete with fully integrated extraction, manufacturing, testing and fulfillment. Panacea produces softgels, gummies, tinctures, sublingual tablets, cosmetics, and other topicals for purchase online (www.panacealife.com) and in stores as well as in smart kiosk vending machines being rolled out nationally.
Panacea, which was founded by Leslie Buttorff in 2017 as a woman-owned business, has previously attracted
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding plans for increasing our brand awareness and market share. You can identify forward-looking statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, risks arising from supply chain disruptions on our ability to obtain raw materials as well as similar problems with our vendors, the impact of the COVID-19 pandemic including new variants on the national and global economy, lack of available funding at sufficient levels to meet our working capital needs, competition from third parties; intellectual property rights of third parties; regulatory constraints; and changes in technology and methods of marketing;; as well as those risks and uncertainties described by us in our quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2021 under the heading "Risk Factors". Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by law.
CONTACT:
Leslie Buttorff
Leslie.buttorff@panacealife.com
SOURCE: Panacea Life Sciences, Inc
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