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PharmaCielo Ltd. Obtains Final Receipt for Short Form Prospectus

TORONTO , May 15, 2020 /CNW/ - PharmaCielo Ltd. (the "Company" or "PharmaCielo") (PCLO.V) (PCLOF) is pleased to announce today that it has obtained a receipt for the Company's (final) short form prospectus dated May 15, 2020 (the "Prospectus"), filed with the securities regulatory authorities in the provinces of British Columbia , Ontario , and Québec. The Prospectus qualifies the distribution of 12,578,002 common shares (the "Special Warrant Shares") of the Company issuable upon the exercise or deemed exercise of 12,578,002 previously issued special warrants (the "Special Warrants"), including 12,428,002 Special Warrants issued pursuant to a best effort private placement conducted by a syndicate of agents led by Cormark Securities Inc., Stifel GMP and Echelon Wealth Partners Inc.

PharmaCielo Ltd. (CNW Group/PharmaCielo Ltd.)

In accordance with the terms of a special warrant indenture dated as of April 15, 2020 , as amended and restated on April 20, 2020 between the Company and Computershare Trust Company of Canada , as special warrant agent, each Special Warrant will be deemed to be exercised for Special Warrant Shares on or prior to the fifth business day following the date hereof. For further information on the Special Warrants, please see the Company's news releases dated April 1, 2020 , April 6, 2020 and April 15, 2020 , copies of which are available on SEDAR (www.sedar.com).

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States . The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

ABOUT PHARMACIELO

PharmaCielo Ltd. (TSXV: PCLO, OTCQX: PCLOF) is a global company, headquartered in Canada , with a focus on ethical and sustainable processing and supplying of all natural, medicinal-grade cannabis oil extracts and related products to large channel distributors. PharmaCielo's principal (and wholly owned) subsidiary is PharmaCielo Colombia, headquartered at its nursery and propagation centre located in Rionegro, Colombia .

The boards of directors and executive teams of both PharmaCielo and PharmaCielo Colombia are comprised of a diversely talented group of international business executives and specialists with relevant and varied expertise. PharmaCielo recognized the significant role that Colombia's ideal location will play in building a sustainable business in the medical cannabis industry, and the Company, together with its directors and executives, is executing on a business plan focused on supplying the international marketplace.

Forward-Looking Information Cautionary Statement

This press release contains "forward-looking statements" within the meaning of applicable securities laws, such as statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Use of words such as "may", "will", "expect", "believe", "intends", "likely", or other words of similar effect may indicate a "forward looking" statement. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those described in the Company's publicly filed documents (available on SEDAR at www.sedar.com). Forward looking statements in this press release include those relating to the timing of the automatic exercise of the Special Warrants.

Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information.

Given these risks and uncertainties, investors should not place undue reliance on forward looking statements as a prediction of actual results. All forward looking statements in this press release are qualified by these cautionary statements. These statements are made as of the date of this news release and, except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities.

SOURCE PharmaCielo Ltd.


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