/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
VANCOUVER, June 17 /CNW/ - On June 13, 2008, Carolyn Cross (the
"Offeror"), President and Chief Executive Officer of Ondine Biopharma
Corporation ("Ondine") (TSX: OBP; AIM: OBP), was granted options to purchase
up to 400,000 common shares in the capital of Ondine ("Common Shares") at an
exercise price of $0.90 per share expiring June 13, 2013. The grant of these
options, together with the options to purchase up to 575,000 Common Shares at
an exercise price of $1.00 per share expiring March 28, 2013 that were granted
by Ondine to the Offeror on March 28, 2008, result in the Offeror holding
options to purchase an aggregate of up to 975,000 Common Shares which
represent approximately 1.6% of the issued and outstanding Common Shares as at
June 13, 2008 (assuming exercise of the options).
After giving effect to the grant of options referred to above, the
Offeror beneficially owns 9,045,772 Common Shares and 975,000 options,
representing approximately 16.1% of the issued and outstanding Common Shares
as at June 13, 2008 (assuming exercise of the options).
The options referred to above were granted to the Offeror for incentive
purposes pursuant to Ondine's stock option plan. It is the intention of the
Offeror to evaluate the investment in Ondine and to increase or decrease her
shareholdings as circumstances require.
The options referred to above were granted to the Offeror pursuant to
section 2.24 of National Instrument 45-106 Prospectus and Registration
The Offeror will file an early warning report describing the above
transactions with applicable securities regulators, a copy of which will be
available under the Ondine profile at www.SEDAR.com. A copy of the report may
also be obtained from Carolyn Cross.
For further information:
For further information: Information inquiries: Carolyn Cross, 910-1100
Melville St., Vancouver, BC, V6E 4A6, (604) 669-0555 ext 224; Canaccord Adams
Ltd, Nominated Adviser & Broker, Neil Johnson/Ryan Gaffney, +4420 7050 6500