PharmaGap Completes Private Placement of Equity Units
News Nov 22, 2010
In connection with this private placement, cash finder's fees in the amount of $36,375 will be paid to an individual dealing at arm's length to PharmaGap.
In order to facilitate the placement, Stormont has agreed with the individual investors to purchase from the investors the shares issued in the placement, at the issue price, on June 30, 2011. The Stormont purchase agreement shall lapse in the event the PharmaGap common shares trade above $0.20 per share for 20 consecutive trading days. Stormont has also agreed to enter into Securities Lending Agreements with each of the investors to provide free-trading shares in exchange for shares acquired in this placement which are restricted from trading for a period of four months from the issue date.
Mr. Roderick M. Bryden, Chairman of the Company and of Stormont, commented "I have great confidence in the value of PharmaGap and its drug program, and am very pleased to be able to facilitate this placement."
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