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CANGUARD ANNOUNCES PRIVATE PLACEMENT AND APPOINTMENT OF FISCAL AGENT

CANGUARD ANNOUNCES PRIVATE PLACEMENT AND APPOINTMENT OF FISCAL AGENT
 VANCOUVER, British Columbia, Jan. 21 /PRNewswire/ -- Canguard Health Technologies Inc. (Vancouver: CGD) announced today a private placement of 750,000 units at $0.60 per unit. Each unit will consist of one share and one non-transferable warrant. Each warrant will entitle the holder to purchase a further share at the price of $0.60 per share during the first year following the closing of the private placement or one share at $0.70 per share during the second year.
 The company will use the proceeds from this placement for working capital and to support the development and commercialization of its first two products, PARKINYL (deprenyl), a drug for Parkinson's disease, and DOLOROL (capsalcin), a drug for pain.
 The private placement is subject to regulatory approval.
 The company also announced it reached an agreement with L.O.M. Western Securities Ltd. appointing LOM as the company's exclusive fiscal agent for one year. LOM will assist the company in preparing a major public financing and in seeking a listing on the Toronto Stock Exchange. LOM will be paid an annual fee of 96,000 Canguard shares payable in equal monthly allotments.
 The fiscal agency agreement is subject to regulatory approval.
 -0- 1/21/92
 /CONTACT: John B. Armstrong, M.D., Ph.D., president of Canguard Health Technologies, 604-682-1777/
 (CGD.) CO: Canguard Health Technologies Inc. ST: British Columbia IN: SU: PER


AL -- LA013 -- 1896 01/21/92 13:27 EST
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Publication:PR Newswire
Date:Jan 21, 1992
Words:246
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