Stockwatch- Tang acquires 1.3 mil shares This might explain the activity today. I don't think its bad at all, if anything poositive. Comments?
Some of you who bought on the drop today could do well next week...
Ambrilia shareholder Tang acquires 1.3 million shares
2008-08-08 20:25 ET - News Release
Mr. Kevin Tang of Tang Capital reports
TANG CAPITAL PARTNERS, LP ACQUIRES SHARES OF AMBRILIA
Tang Capital Partners LP has acquired 1,304,000 shares of Ambrilia Biopharma Inc. (representing approximately 2.7 per cent of Ambrilia's issued and outstanding common shares at July 30, 2008) through the facilities of the Toronto Stock Exchange at a price per share of 11.57 cents.
After completion of the purchase of the shares, Tang Capital and an affiliated entity will own 5,264,800 common shares representing 10.8 per cent of Ambrilia's issued and outstanding common shares (as of July 30, 2008). In addition, Tang Capital and an affiliated entity own two million warrants to purchase common stock at a price per share of $1.35. These warrants expire on Oct. 29, 2010. These warrants are currently not exercisable and will not be exercisable, due to a blocker provision, so long as Tang Capital and affiliated entities own more than 9.99 per cent of Ambrilia's common stock. Tang Capital and affiliated entities may waive this blocker provision upon not less than 61 days written notice to Ambrilia.
Tang Capital acquired its securities of Ambrilia for investment purposes and may acquire or dispose of securities of Ambrilia in the future depending on market conditions and other considerations.
Tang Capital is acting jointly with the Tang Family Trust, dated Aug. 27, 2002, in connection with the securities of Ambrilia.