MONTREAL, July 16 /CNW Telbec/ - ProQuest Investments III, L.P., a
U.S.-based private venture capital fund, announces that it acquired ownership
of $3,000,000 principal amount of subordinated secured convertible debentures
(the "Debentures") and 7,500,000 common share purchase warrants (the
"Warrants") of BioSyntech, Inc. Each $1,000 principal amount of Debentures is
convertible into common shares of BioSyntech at a price of $0.20 per share
until December 31, 2009. Each Warrant entitles the holder thereof to acquire
one additional common share at a price of $0.22 until July 15, 2013.
As a result of this investment, ProQuest owns an aggregate of
14,286,000 common shares of BioSyntech, representing approximately 14.96% of
the issued and outstanding common shares of BioSyntech as at June 30, 2008.
ProQuest also owns an aggregate of $3,000,000 principal amount of Debentures
of BioSyntech as well as an aggregate of 14,643,000 Warrants of BioSyntech. In
the event that all of the Debentures held by ProQuest are fully converted and
that all of the Warrants held by ProQuest are fully exercised, these holdings
would represent approximately 35.11% of the total issued and outstanding
common shares of BioSyntech as of June 30, 2008, calculated on a partially
diluted basis assuming the conversion of all Debentures and the exercise of
all Warrants issued to ProQuest only.
The Debentures and Warrants were acquired for investment purposes only.
ProQuest may from time to time acquire additional securities of BioSyntech,
dispose of some or all of the existing or additional securities it holds or
will hold, or may continue to hold its positions.
For more details about ProQuest and its investments, please visit our
website at www.proquestvc.com.
For further information:
For further information: Joyce Tsang, Ph.D., ProQuest Investments, (514)
842-1625, fax: (514) 842-1379