OTTAWA, ONTARIO--(Marketwire - Jan. 6, 2011) - Chemaphor Inc. (TSX VENTURE:CFR), today announced that it will issue a total of 4,721,132 common shares in satisfaction of $380,000 in principal and $24,903 in interest accrued to December 31, 2010 on convertible debentures issued by Chemaphor on April 30, 2009. This issuance will satisfy Chemaphor's obligations under those debentures and result in their cancellation.
Pursuant to the terms of the debentures, Chemaphor had the option to satisfy principal payments by delivery common shares based on 95% of the market price of the common shares on the TSX Venture Exchange at the time of settlement and to satisfy interest payments by delivery of common shares based on the market price of the common shares on the TSX Venture Exchange at the time of settlement. The market price per common share determined in accordance with the terms of the debentures was $0.09, being the last closing price of the Chemaphor common shares on the TSX Venture Exchange prior to December 31, 2010.
Chemaphor, a wellness company, is committed to developing and delivering products to humans and animals to assist in optimizing health and daily quality of life. Chemaphor is advancing product candidates for the food animal market, companion animal market and various, potential human applications. More information can be found at www.chemaphor.com.
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. The issuance of shares for debt remains subject to TSX Venture Exchange approval.