OTTAWA, June 23 /CNW Telbec/ - PharmaGap Inc. (TSX-V: GAP) ("PharmaGap"
or "the Company") today announced that it has reached agreement with the
National Research Council of Canada (the "NRC") to convert $215,201 owed by
the Company to the NRC into common shares at a price of $0.15 per common
share. Pursuant to this agreement, a total of 1,434,676 common shares will be
issued to the NRC as full settlement of the debt. Following the conversion,
the NRC will hold a total of 2,740,101 common shares, being approximately 3.2%
of the 86,160,756 common shares then outstanding.
Said Robert McInnis, President of the Company, "We are pleased that the
NRC recognizes the value potential in our Company, and appreciate its
continued support as a valued partner".
The common shares will be issued pursuant to TSX Venture Exchange
("TSX-V") Policy 4.3, "Shares for Debt", and the issuance is subject to
approval by the TSX-V.
The Company also announces the appointment of Ms. Sue Kavanagh as
Corporate Secretary of the Company effective immediately. Sue is Manager,
Corporate Services at Perley-Robertson, Hill & McDougall LLP, with over 30
years of experience in corporate and securities law. Sue has acted, and
continues to act, as Corporate Secretary for numerous private and public
The Company also clarifies its press release issued on June 17, 2009. The
number of warrants issued to Capital Street Group as finders fees for its
distribution group was 275,965 warrants and not the 275,695 warrants referred
to in that press release.
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. The Company's strategy
is to out-license drug compounds to larger life sciences companies at the
preclinical stage. For more information please visit www.pharmagap.com.
Note: The TSX-Venture Exchange does not accept 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.
For further information: Robert McInnis, President & CEO, (613)