Specializing In The Development of Controlled-Delivery Branded Products

Welcome To The Mistral Pharma Investor Controlled HUB on AGORACOM !

Free
Message: Mistral Pharma Obtains Interim Financing
Reply New Message
Back To Forum List View

Mistral Pharma Obtains Interim Financing

posted on Mar 20, 2008 09:14AM
March 20, 2008
Mistral Pharma Obtains Interim Financing
MONTREAL, QUEBEC--(Marketwire - March 20, 2008) - THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN.

Mistral Pharma Inc. (TSX VENTURE:MIP) ("Mistral") today announced that it has secured the $1,000,000 interim financing with private investors announced on February 27, 2008.

The financing is in the form of debentures, repayable on demand. The debentures are secured by a pledge on the amount of the loan and bear an 8% annual interest. A tranche of $200,000 has been retained by Mistral and the balance has been put in an escrow account and will be released by the escrow agent in accordance with certain conditions. The proceeds of the loan will be used for working capital. The loan is convertible into units upon completion of the unit offering announced on February 27, 2008. The debentures, the underlying shares and the underlying warrants are subject to resale restrictions until July 21, 2008. Mistral paid a cash commission and issued broker warrants to Loewen Ondaatje McCutcheon Limited in connection with its services in selling the debentures. The TSX Venture Exchange has conditionally approved the placement of convertible debentures, subject to usual conditions.

At the request of Mistral, trading on the common shares of Mistral will remain halted.

1 Recommendations
Icon president Re: Mistral Pharma Obtains Interim Financing

dvl99
Mar 20, 2008 01:02PM
Reply New Message
Back To Forum List View
Share
Share
New Message
Please login to post a reply