PharmaDrug Inc (CSE:PHRX, OTCQB:LMLLF) said it has completed its previously announced acquisition of Securedose Synthetics Inc. by way of a three-cornered amalgamation between Pharmadrug, SecureDose and a wholly owned subsidiary of PharmaDrug.
The specialty pharmaceutical company said each issued and outstanding share of SecureDose was exchanged for one PharmaDrug common share resulting in the issuance of 31.5 million PharmaDrug shares.
"Our priority will be to continue SecureDose's strategy to develop synthetic formulations for the potential third wave of drug policy reform," PharmaDrug CEO Robert Steen said in a statement.
"With some formulations already in hand, the company will now focus on developing an economic and scalable process of these synthetic formulations which could lead to both intellectual property and commercialization opportunities as markets possibly open up domestically or internationally," he added.
PharmaDrug also announced that it has reached an agreement with the holders of its $609,000 principal amount of secured convertible debentures to amend the conversion price of such debentures to $0.05 from $0.35 previously.
As well, the company said it has agreed to settle $227,658.03 of indebtedness with certain service providers through the issuance of 4,553,160 PharmaDrug common shares at a deemed issue price of $0.05 per share.
The common shares will be subject to a hold period that will expire four months and one day from the date of issuance.
PharmaDrug is a specialty pharmaceutical company focused on the research, development and commercialization of controlled substances and natural medicines such as psychedelics and previously approved drugs.
Contact Sean at sean@proactiveinvestors.com