Gap Inc V.GAP

RE: FF you're probably not Cashmachine

[funkyferny]

Point well taken on little birdy.....in hind sight.....I must learn to keep my enthusiam at bay!

Definitely all Bryden...not sure if he's all done....oh yes and look what I found....

Release dated....May 9, 2005 - 12:30 PM EDT........VERY OLD BUT ENOUGH SAID....DRAW YOUR OWN CONCLUSIONS!

Stormont to invest in PharmaGap equity issue

OTTAWA, May 9 /CNW Telbec/ - PharmaGap Inc. (TSX-V: GAP) ("PharmaGap" or"the Company") and SC Stormont Holdings Inc. ("Stormont") today announced thatStormont will buy $500,000 of an equity issue by PharmaGap of up to$1.5 million.PharmaGap announced a non-brokered private placement of up to$1.5 million of Units consisting of one PharmaGap common share and one 2 yearwarrant to buy half an additional common share at 60 cents per share. EachUnit will be price at 40 cents. A total of up to 3,750,000 Units are offered,subject to TSX-Venture Exchange approval. The issue will close on Friday,May 20th, 2005.Details of the offering, together with a subscription form for accreditedinvestors, will be posted on the Company's web site and will be available fromthe Company's offices by contacting Simon Goulet, Chief Operating Officer at(613) 991-5370 or simon.goulet(at) pharmagap.comSC Stormont Inc. has a Strategic Leadership Agreement with PharmaGap,announced on December 6, 2004. SC Stormont Inc. is a wholly owned subsidiaryof Stormont, which is majority-owned by Roderick M. Bryden, Chairman ofPharmaGap. Stormont currently holds an option to acquire 4,670,000 PharmaGapshares and holds 57,273 shares directly, before this offering. If all warrantsissued as part of the current Unit issue are exercised, a total of up to24,999,620 shares will be outstanding, of which Stormont would hold up to6,602,273 if all options held by Stormont are exercised, or approximately26.4%PharmaGap, in a separate release today, announced preliminary results ofacute toxicity testing in mice of its drug compound PhG-alpha-1, timing ofplans for efficacy testing in mice, and initiation of preliminary discussionswith 4 of the top 10 "Big Pharmas" respecting strategic alliance or licensingagreements.