11:56 AM EST, 12/13/2024 (MT Newswires) -- Pharmala Biotech Holdings ( MDXXF ) on Friday said it intends to raise $1.4 million through a private placement offering it expects will be purchased primarily by a single strategic investor.

The company will issue units priced at $0.18 each. Each unit will consist a share and half of a three-year warrant to buy a share for $0.27.

Proceeds will be used to secure global patent rights for general corporate and working capital purposes.

PharmAla was last seen down $0.02 to $0.24,on the Canadian Securities Exchange.

Price: 0.24, Change: -0.02, Percent Change: -5.88