OTTAWA, Aug. 22 /CNW Telbec/ - PharmaGap Inc. (TSX-V: GAP) ("PharmaGap"
or "the Company") today announced it has completed its previously announced
offering of brokered equity securities for gross proceeds totaling $1,094,361.
Investors purchased from the Company a total of 7,295,740 equity units (the
"Units") at $0.15 per Unit, with each Unit consisting of one (1) common share
and one (1) two-year purchase warrant at $0.20 per common share. Net proceeds
from the brokered offering totaled $919,753. Additionally 729,574
broker-warrants were issued to the Agents. Proceeds from this offering will be
used to further clinical development of the Company's novel cancer compounds,
business development and for general corporate purposes. Following the
closing, the total common shares issued and outstanding in the Company are
45,402,333. The issue of units is subject to final approval by the TSX Venture
Exchange ("TSX-V").
