TORONTO, Aug. 8 /CNW/ - PharmEng International Inc. (“PharmEng” or the “Company”) (TSX-V: PII - News) announced today that it has completed a private financing with Laurus Master Fund, Ltd. (“Laurus”), which will provide the Company with up to US$7 million of convertible debt (the “Laurus Financing”) and an equity private placement and share for debt conversion which will provide the Company with CDN$1.81 million in gross proceeds (the “Private Placement”). PharmEng plans to use the proceeds of the Laurus Financing and the Private Placement, together with the previously disclosed interest-free loan by the Cape Breton Growth Fund in the amount of CDN$6.25 million, for working capital purposes and to implement its business plan including the completion and commissioning of its Nova Scotia manufacturing facility.
