RAMM Pharma Corp. Announces Clarification of its Corporate Update of September 12th

TORONTO, Sept. 27, 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 perio d of 36 months following the closing date of the Offering. The proceeds f rom 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 intends to proceed with the private placement previously announced on September 5th, 2023, however the CSE’s application of its Policy 4.6(2)(iv) would require that the private placement as proposed be subject to shareholder approval. The Company does not believe that this is required in the circumstances. The Company is seeking advice regarding the CSE’s application of the policy to determine how it will proceed.

About RAMM Pharma Corp.
RAMM Pharma is a leader in the f ield 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.