Paragon Pharmacies Limited
TSX VENTURE : PGN

Paragon Pharmacies Limited

May 16, 2008 16:57 ET

Paragon Issues Shares to Canterbury Park

KELOWNA, BRITISH COLUMBIA--(Marketwire - May 16, 2008) - Paragon Pharmacies Limited ("Paragon" or the "Company") (TSX VENTURE:PGN) today issued 6,322,445 shares to Canterbury Park Capital L.P. (5,949,341 shares) and Canterbury Park Capital (U.S.) L.P. (373,104 shares) (the two LPs, collectively, "Canterbury Park") as payment of interest to and including May 5, 2008 under certain convertible debenture notes held by Canterbury Park. Interest due was $3,000,000 and shares were issued at an effective price of $0.4745 per share.

The loan arrangements with Canterbury Park, as amended, were described in the Corporation's Special Meeting Circular dated March 16, 2007 and an April 30, 2008 press release, which can be viewed at www.sedar.com. All required approvals with regards to the amended transaction have been received by the Corporation.

Paragon is headquarters in Kelowna, British Columbia and currently employs over 500 full and part time staff in its stores and offices. The Corporation owns and operates 18.5 retail pharmacies, three central fill pharmacies and two home healthcare stores in British Columbia, Alberta and Manitoba.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Paragon Pharmacies Limited
    Craig Cameron
    President and Chief Executive Officer
    (250) 491-3936
    (250) 491-3950 (FAX)
    Website: www.paragonpharmacies.com