PharmaDrug successfully completes $1.22M debt restructuring

PharmaDrug Inc (CSE:PHRX, OTCQB:LMLLF) has exchanged $1,219,768 of unsecured convertible debentures for new ones totaling $1,280,756. The debentures mature in one year, extendable twice with a 5% renewal fee. Quarterly 12% interest can convert to units at $0.05, each comprising a share and a warrant exercisable at $0.05 within three years with a hold period until March 15, 2023. PharmaDrug also settled $227,658.03 of debt with service providers by issuing 4,553,160 shares at $0.05 each. A previously announced warrant issue to holders of secured convertible debentures will not proceed.