This transaction was first announced by the Company on February 11, 2009 when it received notice from the majority holder of the Debentures, SC Stormont Holdings Inc. (“Stormont”), that it would exercise its right of conversion on or before February 26, 2009, the maturity date for the Debentures.
Following conversion, there are 77,079,124 common shares outstanding, of which Stormont holds 33,998,012, or 44.1%. Assuming exercise of all unexpired outstanding warrants as a result of conversion of the Debentures, there would be 91,255,723 common shares outstanding, of which Stormont would hold 36,253,371, or 39.7%.
About PharmaGap Inc.
PharmaGap Inc. (TSX-V: GAP), based in Ottawa, ON, is a biotechnology company with a core focus on developing novel therapeutic compounds for the treatment of cancer. PharmaGap's research platform targets cellular signalling pathways controlled by Protein Kinase C (PKC) isoforms. PharmaGap's lead drug compound, PhG-alpha-1, is in preclinical development and targets PKC. The Company's strategy is to out-license drug compounds to larger life sciences companies at the preclinical stage. For more information on PharmaGap please visit the Company's website at www.pharmagap.com.