PharmaCielo Sees Marc Lustig Appointed As Lead Director, Conducts $10 Million Financing

The Deep Dive, by Jay Lutz, Nov. 3

It appears that PharmaCielo Ltd (TSXV: PCLO) has effectively locked in a new lead director. The company announced yesterday evening that Marc Lustig, the well-known cannabis industry executive, had agreed to join the board of directors of the firm upon the company managing to successfully raise at least $5.0 million in a private placement. That threshold appears to have been met.

The placement, as announced last night, …ains one common share and one half of a common share purchase warrant, with an exercise price of $0.65 per share for a period of two years. In connection with the offering, Lustig was indicated as being the lead order for the financing, however further specifics were not provided. …

This morning [Nov. 3], the company subsequently announced that the financing has been expanded from $5.0 million in gross proceeds to that of $10 million, effectively locking in Lustig as being the new lead director of the firm. …

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