On April 19, 2024, Pharmala Biotech Holdings Inc. closed the transaction. The company issued 4,166,665 units at a price of CAD 0.18 per unit for aggregate gross proceeds of up to CAD 749,999.7. Each unit shall consist of one common share in the share capital of the company and one-half of one common share purchase warrant of the company. Each warrant will entitle the holder thereof to acquire one additional common share at a price of CAD 0.27 per additional share at any time prior to 4:30 pm on the date that is thirty six months following the closing date provided that, if the closing price of the common shares on the Canadian Securities Exchange is CAD 0.38 or greater per common share for a period of ten consecutive trading days at any time after the completion of the Offering.

All securities issued under the Offering are subject to a four month and one day hold period from the date of issuance and applicable legends as required pursuant to the United States Securities Act of 1933, as amended.