Replies to post #108 on PharmaGap fka GAP

[fringe_remnant]

PharmaGap Raises Additional Equity Financing

OTTAWA, July 16 /CNW Telbec/ - PharmaGap Inc. (TSX-V: GAP) ("PharmaGap"
or "the Company") today announced completion of a non-brokered private
placement financing of 717,000 equity units, each unit consisting of one
common share and one warrant to purchase one common share (the "Private
Placement").
The price per unit was $0.16, for total gross proceeds of $114,720.
Warrants have a two year term and an exercise price of $0.20 per share. These
terms mirror the private placement announced on June 17, 2009 and the two
private placements combined resulted in approximately $976,000 of equity
financing. Proceeds from this Private Placement will be used to further
advance PharmaGap's portfolio of drug compounds and for general working
capital. The shares issued pursuant to the Private Placement and subsequent
warrant exercises are subject to a four month restriction from trading on the
TSX-Venture Exchange ("TSX-V") in accordance with TSX-V rules and regulations
for equity private placements. The Private Placement has been filed under the
TSX-V Expedited Private Placement Filing System.
Capital Street Group Investment Services Inc. was paid a cash fee for
advisory and structuring services for the Private Placement of $8,317 and
48,397 warrants on the same terms as the Private Placement. Northern
Securities Inc. was paid $8,030 plus 50,190 warrants on the same terms as the
Private Placement as a finders fees.
The Company also advises that the agreement with the National Research
Council of Canada ("NRC") to convert $215,201 owed by the Company to the NRC
into common shares at a price of $0.15 per common share, as previously
announced on June 23, 2009, has not been completed, pending receipt of final
approval to the transaction by the NRC's legal and financial services staff.
The transaction as announced on June 23, 2009 has been approved by the TSX-V.