NEW YORK, NEW YORK--(Marketwired - June 8, 2016) - Jason Adler ("Adler") announces that he has acquired an aggregate of 3,603,604 units (the "Units") of PharmaCan Capital Corp. ("PharmaCan") (TSX VENTURE:MJN) pursuant to a non-brokered private placement at a price of $0.185 per Unit. Each Unit was comprised of one common share and one common share purchase warrant (a "Warrant") of PharmaCan. Each Warrant entitles the holder thereof to acquire one additional common share of PharmaCan at a price of $0.245 at any time prior to May 27, 2021. Immediately following the acquisition of Units, Adler purchased an additional 4,226,928 Warrants.
Prior to the transaction, Adler had beneficial ownership and control of an aggregate of 1,945,029 common shares of PharmaCan and 1,945,029 common share purchase warrants, representing approximately 4.5% of the issued and outstanding common shares of PharmaCan on a non-diluted basis, and approximately 8.7% on a partially-diluted basis (assuming exercise of Adler's convertible securities). Adler now owns 7.4% of PharmaCan's issued and outstanding common shares on a non-diluted basis, and approximately 17.8% on a partially-diluted basis (assuming exercise of Adler's convertible securities). Depending on market and other conditions, or as future circumstances may dictate, Adler may from time to time increase or decrease his holdings of common shares or other securities of PharmaCan.
This news release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the early warning report in respect of this transaction is available on PharmaCan's issuer profile on SEDAR at www.sedar.com.