09:06 AM EDT, 04/19/2024 (MT Newswires) -- Pharmala Biotech Holdings ( MDXXF ) said Friday that it completed its $750,000.non-brokered private placement.

The company issued about 4.2 million units at $0.18 apiece.

Each unit consisted of one common share and one-half of one warrant. Each whole warrant allows the holder to buy one additional share at $0.27 at any time before 4:30 pm Toronto Time on the date that is 36 months following the closing date.

The company plans to use the net proceeds to secure 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.

Additionally, Pharmala Biotech ( MDXXF ) completed a debt settlement of $108,000 by issuing 600,000 common shares at $0.18 apiece.

The shares closed unchanged yesterday at $0.195.