The K2 Principal Fund L.P. acquires common shares in the capital of Telesta Thereapeutics Inc.

TORONTO, Aug. 29, 2016 /CNW/ - The K2 Principal Fund L.P. ("K2") announces that it acquired ownership of an aggregate of 18,019,500 common shares (the "Shares") in the capital Telesta Thereapeutics Inc. ("Telesta"). Following the acquisition K2 owns 18,019,500 Shares, which represent approximately 5.94% of the issued and outstanding Shares of Telesta, and 697,500 common share purchase warrants. K2 acquired beneficial ownership of the Shares after Prometic Life Sciences Inc. announced that it intended to commence an offer to acquire all of the issued and outstanding Shares of Telesta on August 24, 2016.

The Shares were acquired by K2 through the facilities of the Toronto Stock Exchange for investment purposes only and may, depending on market and other conditions, from time to time in the future increase or decrease its ownership, control or direction over the Shares or other securities of Telesta through market transactions, private agreements or otherwise, or may enter into derivative or other transactions with respect to its securities of Telesta.

SOURCE K2 Principal Fund L.P.

For further information: Dan Gosselin, The K2 Principal Fund L.P., (416) 365-2155

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