OTTAWA, Dec. 12 /CNW Telbec/ - SC Stormont Holdings Inc. ("Stormont" or
the "Company"), which is located at 1145 Innovation Drive, Kanata Ontario
K2K 3G8, today announced that on November 22, 2007 it acquired Series 4
Convertible Secured Debentures in the principal amount of $265,200 (the
"Series 4 Debenture") issued by PharmaGap Inc. (TSXV: GAP) ("PharmaGap"). The
Series 4 Debenture is convertible at the option of the holder and, in certain
instances, at the option of PharmaGap. If the Series 4 Debenture were fully
converted, Stormont would own 5,613,462 PharmaGap common shares, which would
represent approximately 19.3% of the issued and outstanding PharmaGap common
At present, Stormont owns 1,533,462 PharmaGap common shares, which
represents approximately 6.1% of the issued and outstanding PharmaGap common
shares. Stormont also holds a further 3,193,811 options to purchase of
PharmaGap common shares through over the counter options with certain
principals of PharmaGap. In addition, Stormont owns PharmaGap Series 1, Series
2 and Series 3 Debentures in the aggregate principal amount of $2,680,000,
which, if fully converted (including accrued interest to December 10, 2007),
are convertible into 27,463,724 common shares of PharmaGap.
The Series 4 Debenture was a private placement by PharmaGap and is
subject to the approval of the TSX Venture Exchange.
Stormont is holding the PharmaGap securities for investment purposes.
Depending on market and other conditions, Stormont may from time to time in
the future increase or decrease its ownership, control or direction over
PharmaGap common shares or other PharmaGap securities through market
transactions, private agreements or otherwise.
A report regarding this transaction has been filed on SEDAR and may be
viewed at www.sedar.com. The report may also be obtained by contacting
Robert C. McInnis, Executive Vice-President of Stormont, at 613-287-3125.
The issuance of this news release is not an admission that an entity
named in the news release owns or controls any described securities or is a
joint actor with another named entity.
For further information:
For further information: Robert C. McInnis, Executive Vice-President,
Stormont, (613) 287-3125