Orbus gets forbearance on first year of convertible debenture interest

By Devika Patel

Knoxville, Tenn., Sept. 10 - Orbus Pharma Inc. said it completed an interest forbearance agreement for the first full year of compounded interest owed on its convertible debentures.

About $756,000 in interest, which would have been due on Aug. 15, has been deferred until Oct. 31.

The debenture holders will receive 2,014,000 warrants on Aug. 16 for agreeing to the forbearance. The warrants are exercisable at $0.0534 until Aug. 15, 2011, the debenture's maturity date.

Orbus is a pharmaceutical company based in Markham, Ont.

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