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All figures in Canadian dollars ($) unless otherwise specified
Toronto, Ontario and Rionegro, Colombia--(Newsfile Corp. - February 12, 2025) - 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 issuance of shares for settlement of certain amounts owing.
Settlement of Debt
Today, the Company announced that, as approved by TSX Venture Exchange ("TSXV"), it has settled $200,000 of debt owed to certain service providers of the Company, through the issuance of an aggregate amount of 2,000,000 common shares of the Company ("Settlement Shares"), at a deemed price of $0.10 per share. The Settlement Shares will be subject to a four-month hold period under applicable Canadian securities laws, starting from the date of issuance of the Settlement Shares.
Interest Shares
Today, PharmaCielo also announced that, as approved by TSXV, it has issued 10,259,041 common shares of PharmaCielo ("Interest Shares"), at an effective price of $0.0953 per Interest Share, in satisfaction of an aggregate of $977,689 in semi-annual interest payments due to holders of 11% secured debentures of the Company due December 24, 2024, and June 30, 2026 (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, 2024. in accordance with the terms of the Debentures. The Interest Shares are subject to the balance, if any, of the 4-month statutory hold period.
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.