August 22, 2014 18:27 ET
TORONTO, ONTARIO--(Marketwired - Aug. 22, 2014) - Mr. Ian Ihnatowycz announced that effective today, he has converted US$5,151,768.08 aggregate amount (of which US$55,002.59 was accrued interest) of obligations owing under the convertible note (the "Note") of Trimel Pharmaceuticals Corporation (the "Issuer") that was issued to First Generation Capital Inc. on July 16, 2014 (and amended on July 28, 2014) into 8,945,796 common shares of the Issuer. In accordance with the terms and conditions of the Note, the conversion price was the U.S. dollar equivalent of Cdn.$0.62 per common share, calculated using the Bank of Canada noon rate of exchange on July 15, 2014 (being a conversion price equal to US$0.5759 per common share).
Following such conversion, US$4,490,663.85 aggregate principal amount of the Note remains outstanding. The balance of the Note is no longer convertible into common shares of the Issuer.
The Note, and the common shares issued on the partial conversion of the Note, were acquired for investment purposes. Depending upon the circumstances, Mr. Ihnatowycz and/or First Generation Capital Inc. may, from time to time, acquire additional securities or related financial instruments of the Issuer or dispose of all or a portion of the securities or related financial instruments of the Issuer previously acquired.
Additional information is provided in the early warning report filed on www.sedar.com.
For further information or a copy of the early warning report please contact:
First Generation Capital Inc.Ian IhnatowyczPresident and CEO(416) 304-9910
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