LOS ANGELES--(BUSINESS WIRE)--Drake Holding Corp. (DRKH.PK) consummated a Stock Purchase Agreement with Canopus Corporation, a Belize corporation controlled by Leo Prendergast and Patrick Prendergast, his brother. Pursuant to the Agreement Canopus and the Prendergasts granted to Drake an exclusive License to develop and commercialize products related to novel pharmaceuticals in the areas of antivirals, radiation protection, cancer therapies, camelidae blood products and bio-barcode assay technologies currently being developed by Canopus and its associates. In consideration for the License and rights to certain other properties held by Canopus and its associates, Drake issued 116,677,916 shares of its common stock to Canopus. Immediately upon closing of the transaction the shares issued to Canopus represented approximately 93.5% of the outstanding common shares of Drake. The transaction was approved by the Board of Directors of Drake, who hold approximately 80% of its shares outstanding prior to the transaction.
