CONCORD, Ontario, July 23, 2018 (GLOBE NEWSWIRE) — Aspri Pharma Canada Inc. (“Aspri”), a pharmaceutical products wholesale and manufacturer corporation, announces that on July 19, 2018, it has subscribed for convertible debentures (the “Debentures”) of Devonian Health Group Inc. (“Devonian”) for an amount of $1,000,000 (the “Subscription”).
The principal amount of the Debentures shall be convertible into units of Devonian (the “Units”) at a price of $0.75 per Unit Each Unit will consist of one subordinate voting share in the capital of Devonian and one subordinate voting share purchase warrant (a “Warrant”). Each Warrant shall entitle the holder thereof to acquire one subordinate voting share in the capital of Devonian at a price of $0.95 for a period of four years. The accrued and unpaid interest shall also be paid in Units, at a price to be determined at the time of each payment.
After completion of the Subscription, there was a total of 67,348,147 outstanding shares of Devonian (“Devonian Shares”), comprised of 32,210,269 Subordinate Voting Shares, 19,966,523 multiple voting shares (6 votes per share) and 15,171,355 exchangeable subordinate voting shares. Only Subordinate Voting Shares are listed on the TSX Venture Exchange.
Aspri currently owns 8,403,361 Subordinate Voting Shares and 8,403,361 warrants entitling it to subscribe an additional 8,403,361 Subordinate Voting Shares. Upon conversion of its Debentures, Aspri would acquire 1,333,333 Subordinate Voting Shares, representing approximately 29.02 % of the issued and outstanding Subordinate Voting Shares and 14.18 % of the issued and outstanding Devonian Shares on a non-diluted basis, and 1,333,333 Warrants for a total number of warrants of 9,736,694.
Aspri has no present intention to dispose of or acquire further securities of Devonian, although it may increase or decrease its ownership interest in Devonian depending on, among other factors, market conditions and other factors relevant to Aspri’s investment decisions.
This news release is being issued under the early warning reporting provisions of applicable securities laws. An early warning report with additional information in respect of the foregoing matters has been filed and made available under the SEDAR profile of Devonian at www.sedar.com. To obtain a copy of the early warning report, you may also contact George Grignano at (514) 868-8440 ext. 203. Aspri’s address is 31B-665 Millway Avenue, Concord (Ontario), L4K 3T8. Devonian’s head office is located at 360, Des Entrepreneurs Street, Montmagny (Québec), G5V 4T1.