TORONTO, Oct. 11, 2023 (GLOBE NEWSWIRE) -- On September 5th, 2023, RAMM Pharma Corp. (including its wholly owned subsidiaries, the “Company” or "RAMM") (CSE: RAMM), announced its intention to complete a non-brokered private placement of up to 20,000,000 units (the “Units”) of the Company at a price of $0.05 per Unit for total gross proceeds of up to $1,000,000 (the “Offering”). Each Unit would have been comprised of one common share in the capital of the Company (each, a “Common Share”), and one Common Share purchase warrant (each a “Warrant”), with each Warrant entitling the holder thereof to acquire one Common Share at a price of $0.05 for a period of 36 months following the closing date of the Offering. The proceeds from the Offering were expected to be used for working capital and general corporate purposes. The Offering was expected to close on or about September 26, 2023.
Ramm also announced its intention to commence a normal course issuer bid (the “NCIB”), under which it could have purchased up to 5% of the current number of issued and outstanding Common Shares. The NCIB would have commenced on or about September 5, 2023 and expired on the 12-month anniversary of the effective date of the NCIB.
Further reference to the proposed non-brokered private placement and the NCIB can be found on the Company’s announcement released on September 5th, 2023.
The Company is moving forward with an appeal of the CSE’s decision that the private placement announced by the Company on September 5, 2023 required the approval of the majority of the minority shareholders pursuant to CSE Policy 4.6(2)(iv).
About RAMM Pharma Corp.
RAMM Pharma is a leader in the field of cannabinoid pharmacology and product formulation for cannabis-based pharmaceuticals and other hemp-based products with a unique and diversified international production and sales platform. The Company operates an established pharmaceutical and medical product business in Uruguay that has developed several medically registered and approved plant-derived cannabinoid pharmaceutical products that have been authorized for sale and/or compassionate use in several Latin American countries. RAMM also has a pipeline of new products, including registered hemp-based nutrition and specialized veterinary products, in various stages of approval and development, which are produced at the company's state-of-the-art, good-manufacturing-practice-certified formulation facility in Montevideo, Uruguay.
In Europe, RAMM's vertically integrated operations are based in Ragusa, Italy and Elblag, Poland (60 kilometres east of Gdansk), and include large extraction and processing facilities. RAMM Pharma includes wholly owned subsidiaries Canapar Corp., HemPoland S.p.a. Z.o.o., Medic Plast SA, Yurelan SA, Glediser SA and RAMM Pharma Holdings Corp.
Additional information about the Company is available at www.wearerammpharma.com.
For further information, please contact:
Josè Roldan
Interim CFO
+598 2513 99 58
info@rammpharma.com
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forwardlooking statements") within the meaning of the applicable Canadian securities legislation. All statements, other thanstatements ofhistoricalfact,areforward-lookingstatementsandarebasedonexpectations,estimatesandprojectionsas at the date of this news release. Any statement that involves discussions with respect to predictions, expectations,beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrasessuch as “expects”, or “does not expect”, “isexpected”, “anticipates” or “does not anticipate”, “plans”, “budget”,“scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating thatcertain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are notstatements of historical fact and may be forward-looking statements. In this news release, forward looking statementsrelate,amongotherthings,the Company’sstrategiesandobjectives,andfuture expansionplans.
These forward-looking statements are based on reasonable assumptions and estimatesof management of theCompany at the time such statements were made. Actual future results may differ materially as forward-lookingstatements involve known and unknown risks, uncertainties and other factors which may cause the actual results,performanceorachievementsoftheCompanytomateriallydifferfromanyfutureresults,performanceorachievementsexpressed or implied by such forward-looking statements. Such factors, among other things, include: future growthpotential of theCompany; fluctuations ingeneralmacroeconomic conditions; fluctuations insecuritiesmarkets;expectationsregardingthesizeoftheUruguayan,LatinAmerican,Europeanandinternationalmedicalandrecreationalcannabis markets and changing consumer habits; the ability of the Company to successfully achieve its businessobjectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risksand hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production,distribution and sale of cannabis and cannabis related products in Uruguay or internationally; and employee relations.Although the forward-looking statements contained in this news release are based upon what management of theCompany believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholdersthat actual results will be consistent with such forward-looking statements, as there may be other factors that causeresultsnottobeasanticipated,estimatedorintended.Readersshouldnotplaceunduerelianceontheforward-lookingstatementsandinformationcontainedinthisnewsrelease.TheCompanyassumesnoobligationtoupdatetheforward-lookingstatementsofbeliefs,opinions,projections,orotherfactors,shouldtheychange,exceptasrequiredbylaw.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the informationcontainedherein.
