PharmaGap Completes Initial Close of Private Placement
13 July 2011 - 10:32PM
Marketwired
PharmaGap Inc. (TSX VENTURE: GAP)(OTCBB: PHRGF)("PharmaGap" or "the
Company") announced today that it has completed the initial closing
of a private offering of up to 5,555,556 equity units (the "Units")
for a net aggregate amount (if fully subscribed) of up to $500,000.
A total of 884,500 units have been subscribed in this initial
closing at a price of $0.09 per Unit. Commitments for an additional
950,000 units have been received and will be included in a final
closing of this private placement, which is expected to occur on or
about July 25, 2011.
Each Unit consists of one common share and one warrant to
purchase one common share at an exercise price of $0.14 per common
share with a two year warrant term. The conditional closing of this
private placement is subject to the approval of the TSX Venture
Exchange and the shares and warrants issued pursuant to the private
placement are restricted from trading for four months from the date
of closing.
In connection with this initial closing, $5,483 in cash fees and
60,920 broker warrants will be paid to Northern Securities Inc.
Broker warrants are issued on the same terms and conditions as the
warrants included in the Units.
In order to facilitate the placement, SC Stormont Holdings Inc.
("Stormont"), a company owned by PharmaGap's Chairman, Mr. Roderick
M. Bryden, has agreed to enter into Securities Lending Agreements
with any of the investors who so request to provide free-trading
shares in exchange for the shares acquired in this placement which
are restricted from trading for a period of four months from the
issue date.
About PharmaGap Inc.
PharmaGap Inc. (TSX VENTURE: GAP), based in Ottawa, ON, is a
biotechnology company with a core focus on developing novel peptide
therapeutics for the treatment of cancer. PharmaGap's GAP-107B8 is
a novel peptide drug that has been shown to be highly cytotoxic to
numerous cancer types, including chemo-resistant cancers, in vitro.
For more information on PharmaGap please visit the Company's
website at www.pharmagap.com.
Forward Looking Statements
This news release contains certain statements that constitute
forward-looking statements as they relate to the Company and its
management. Forward-looking statements are not historical facts but
represent management's current expectations of future events, and
can be identified by words such as "believe", "expects", "will",
"intends", "plans", "projects", "anticipates", "estimates",
"continues", and similar expressions. Although management believes
that expectations represented in such forward-looking statements
are reasonable, there can be no assurance that they will prove to
be correct.
By their nature, forward-looking statements include assumptions
and are subject to inherent risks and uncertainties that could
cause actual future results, conditions, actions or events to
differ materially from those in the forward-looking statements. If
and when forward-looking statements are set out in this news
release, PharmaGap will also set out the material risk factors or
assumptions used to develop the forward-looking statements. Except
as expressly required by applicable securities laws, the Company
assumes no obligation to update or revise any forward-looking
statements. The future outcomes that relate to forward-looking
statements may be influenced by many factors, including, but not
limited to: results of ongoing product testing and development;
regulatory approvals required to complete development of products;
ability to manufacture product at quality and scale for human use
on an economically sound basis; patient reimbursement by private
and public health insurance programs; unintended side effects of
products; competitive products; product liability; intellectual
property; reliance on key personnel; risks of future legal
proceedings; income tax matters; availability and terms of
financing; distribution of securities; effect of market interest
rates on price of securities, and potential dilution.
Note: Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. No Securities Commission or other
regulatory authority having jurisdiction over PharmaGap has
approved or disapproved of the information contained herein. This
release contains forward looking statements that may not occur or
may change materially.
Contacts: PharmaGap Inc. Robert McInnis President & CEO
613-990-9551 bmcinnis@pharmagap.com
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