Procyon's Shareholders Approve Merger Via Acquisition with Cellpep S.A.
Procyon Biopharma Inc. announced that at its Special Meeting of Shareholders shareholders of Procyon approved the acquisition of Cellpep S.A. and the concurrent $18.1 million private placement of special warrants and units. The name change of Procyon Biopharma Inc. to Ambrilia Biopharma Inc. and the future share consolidation were also approved by Procyon' shareholders.
Following the closing of the acquisition and concurrent financing, which is expected on or about March 1, 2006, the name of Procyon Biopharma Inc. will be changed to Ambrilia Biopharma Inc. and its shares will continue to trade on the Toronto Stock Exchange under the new ticker symbol AMB.
The approved share consolidation within a range of five to ten would occur at a later date during the year, as it is the intention of the Company to consolidate its shares following an information campaign and the attainment of certain corporate milestones during the year 2006.
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