VANCOUVER, British Columbia, April 19, 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 that, further to its press release dated April 10, 2024 (the "April 10 Release"), the Company has closed its previously announced non-brokered private placement offering (the "Offering") effective today (the "Closing Date") through the issuance of 4,166,665 Units for gross proceed of $750,000. Capitalized terms not otherwise defined herein have the meanings attributed to them in the April 10 Release. Each Unit was sold at a price of $0.18 per Unit and consisted of one Common Share and one-half of one Warrant. Each whole Warrant entitles the holder thereof to acquire one Additional Share at a price of C$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, provided that, if the closing price of the Common Shares on 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, as further outlined in the April 10 Release. 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 trials into the Company's novel patented drug candidates, sales, general corporate and working capital purposes. All securities issued under the Offering are subject to: (i) a four month and one day hold period from the date of issuance and (ii) applicable legends as required pursuant to the United States Securities Act of 1933, as amended. Debt Settlement The Company also announces that the Company has completed ...