NEWS BULLETIN !!!!!!!!!!!!!!!!!!!!!! MISTRAL PHARMA INC. ("MIP")
BULLETIN TYPE: Private Placement-Brokered, Convertible Debentures, Remain
Halted
BULLETIN DATE: April 7, 2008
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing the documentation with
respect to a Brokered Private Placement by way of Convertible Debentures as
announced on February 27, 2008.
Convertible Debentures: $1,000,000
Conversion Price: Convertible into 10,000,000 units (the "Units")
at $0.10 per Unit (or 1,666,666 Units at $0.60
per Unit following a proposed consolidation of
the Company's capital on a 25 old basis for 1
new basis). Each Unit will be comprised of one
Common Share and one Common Share Purchase
Warrant.
Maturity date: The earlier of i) the closing of a proposed unit
offering (the "Unit Offering") to be completed
concurrently with a business combination
disclosed in a news release of February 27,
2008; or ii) an event of default. If the closing
of the Unit Offering does not take place before
an agreed-upon date or if it takes place but the
holders decide not to convert their Convertible
Debentures, then the Convertible Debentures will
remain outstanding and be repayable on demand
but will no longer thereafter be convertible.
Warrants: 10,000,000 Common Share Purchase Warrants to
purchase 10,000,000 Common Shares at a price of
$0.10 per Share (or 1,666,666 Warrants to
purchase 1,666,666 Shares at a price of $0.75
post-consolidation) exercisable for a period of
12 months following the conversion of the
Convertible Debentures.
Interest Rate: 8%
Number of Placees: 3 placees
Agent: Loewen Ondaatjee McCutcheon Limited
Agent's Fee: $7,000 in cash and non-transferable Agent's
options to purchase 100,000 Common Shares at the
exercise price of $0.10 per Share (or Agent's
options to purchase 4,000 Shares at the exercise
price of $0.75 per Share post consolidation on a
25 old basis for 1 new basis) during a period of
12 months following the closing. At the Agent's
option, the cash commission may be paid in
Convertible Debentures convertible in Units at
the Conversion Price.
The Company has confirmed the closing of the above-mentioned Private
Placement in a news release dated March 20, 2008.
Further to TSX Venture Exchange bulletin dated February 28, 2008, trading
in the shares of the Company will remain halted.