OTTAWA, Jan. 6 /CNW Telbec/ - Chemaphor Inc. (TSX Venture Exchange: CFR), today announced that it has issued a total of 189,475 common shares in satisfaction of $33,158.90 in interest accrued to December 31, 2009 on the convertible debentures issued by Chemaphor on April 30, 2009.
Pursuant to the terms of the debentures, Chemaphor has the option to satisfy interest payments by delivery of that number of common shares obtained by dividing the interest payment by the market price of the common shares on the TSX Venture Exchange at the time of settlement (determined in accordance with TSX Venture Exchange rules). The applicable price per common share determined in accordance with the terms of the debentures was $0.175.
These common shares are subject to restrictions on transfer including a hold period ending on May 1, 2010.
Chemaphor Inc. (www.chemaphor.com) uses its core expertise in organic chemistry to develop premium products for the animal health, skin care cosmetics, pharmaceutical and specialty chemical markets. Chemaphor's focus is on two proprietary products, a non-pharmaceutical product OxBC, and a lead cancer drug compound OCL-1. Chemaphor's goal is to fully exploit its proprietary platform of carotenoid oxidation compounds by finding recognized partners to commercialize its products in multiple, large markets.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE CHEMAPHOR INC.
For further information: For further information: Chemaphor Inc., Dr. Graham Burton, (613) 990-0969