OTTAWA, Feb. 27 /CNW Telbec/ - PharmaGap Inc. (TSX-V: GAP) ("PharmaGap"
or "the Company") today announced that it has retired all of its outstanding
Series 1, 2, 3 & 4 Convertible Secured Debentures (the "Debentures"). A total
of $4,178,093 of Debentures were converted into common shares and warrants to
purchase common shares of the Company.
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
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.
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)