Shares of PharmaCielo Ltd. (OTCMKTS:PCLOF) closed lower on Friday as investors preferred to book profit at higher level.
Trading Data
On Friday, PCLOF stock slid 5.76% to $0.7755 with more than 15K shares, compared to its average volume of 33K shares. The stock has moved within a range of $0.7550 – 0.8000 after opening trade at $0.7966.
Initial Tranche of Non-Brokered Private Placement of Debenture Units Completed by PharmaCielo
PharmaCielo Ltd. (OTCMKTS:PCLOF), which is the Canadian parent of PharmaCielo Colombia Holdings S.A.S. ( one of Colombia’s key cultivator and producer of medicinal-grade cannabis), announced on December 31, 2021, about closing the first tranches of non-brokered private placement. It consists of an aggregate of 5,000 debenture units, with a price of $1,000 per Unit for aggregate proceeds of $5,000,000.
An initial tranche of the non-brokered private placement, consisting of $4,000,000 principal amount of Units was closed on December 24, 2021. Another tranche was closed on December 31, 2021, which consisted of $1,000,000 principal amount of Units. Insiders took part in the initial tranche of financing. The company is expected to close the issuance of up to an additional $10,000,000 principal amount of Units in one or more tranches on or around January 14, 2022.
A few directors and senior officers have also subscribed for Units in the non-brokered placement, whose aggregate principal amount comes to $490,000. Every subscription by them is to be considered a “related party transaction” for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.
Proceeds are to be used for operations, working capital, and development of the company’s international psychoactive dry flower sales program.
Technical Data
PCLOF stock is trading above the 20-Day and 50-Day Moving averages of $0.76 and $0.77 respectively. However, the stock is trading below the 200-Day moving average of $1.05. The stock is up 51% in the past week.
