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Chemafor issues shares in satisfaction of interest
Jan 06, 2010 04:35PM
Chemaphor Inc. issues shares in satisfaction of interest
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.
/For further information: Chemaphor Inc., Dr. Graham Burton, (613)