DelMar Pharmaceuticals, Inc.
Suite 720 — 999 West Broadway
Vancouver, British Columbia Canada V5Z 1K5
January 23, 2015
United States Securities and Exchange Commission
Division of Corporation Finance
100 F Street, NE
Washington, DC 20549
Attention: Mellissa Campbell Duru
Re: | DelMar
Pharmaceuticals, Inc. Schedule TO-I filed January 8, 2015 File No. 005-87181 |
Dear
Ms. Duru:
The following responds to the comments of the Securities and Exchange Commission (the “Commission”) as set forth in its comment letter dated January 16, 2015 (the “Comment Letter”) relating to the above-referenced Schedule TO-I (the “Schedule TO”) filed by DelMar Pharmaceuticals, Inc. (the “Company”). All capitalized terms not specifically defined herein shall have the meaning assigned to such terms as set forth in the Schedule TO.
This letter sets forth the comments of the Commission in the comment letter (numbered in accordance with the comment letter) and, following each comment, sets forth the Company’s response.
General
Response:
The Company has filed the press release as Exhibit (a)(1)(E) to the Schedule TO and revised “Item 12 Exhibits” to the Schedule TO accordingly.
Exhibit (a)(1)(B)
Cautionary Statement…, page 1
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Response:
The Company has revised its disclosures as set forth in the “Introduction” to the Schedule TO to comply with the comment above.
Financial Information Regarding the Company, page 8
Response:
The Company has revised its disclosure as set forth in the comment above by filing the disclosure required by Item 1010(a) of Regulation M-A as Exhibit (a)(1)(F) to the Schedule TO.
Warrant Exchange Agreements, page 18
Response:
All of the persons who executed the warrant exchange agreements represented to the Company in the warrant exchange agreements that they are accredited investors. The Company has a pre-existing relationship with all of the warrantholders as they were originally issued their warrants pursuant to a series of private placements in 2013. Certain warrantholders who were eligible to participate in the Company’s 2014 tender offer to amend and exercise their warrants contacted the Company and suggested a warrant exchange at a ratio of three warrants for one newly issued share of common stock. These were 16 persons who beneficially owned warrants to purchase an aggregate of 2,397,291 shares of common stock, or 33% of the outstanding warrants, on a pre-warrant exchange basis (out of approximately 77 persons who beneficially owned warrants). Of the 16 persons who contacted the Company, one person beneficially owned 15% of the total outstanding warrants on a pre-warrant exchange basis. The warrants were not publicly traded.
Conditions of the Exchange Offer, page 22
Response:
The Company has revised its disclosures to remove this condition as indicated in “Item 4 Terms of the Transaction” of the Schedule TO.
Response:
The Company confirms its understanding of the comment above.
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7. | Please refer to the comment above. Note that when a condition is triggered and you decide to proceed with the offer anyway, we believe that this constitutes a waiver of the triggered condition(s). Depending on the materiality of the waived condition and the number of days remaining in the offer, you may be required to extend the offer and re-circulate new disclosure to security holders. You may not, as this language seems to imply, fail to assert a triggered offer condition and thus effectively waive it without officially doing so. Please confirm the company’s understanding in your response letter. |
Response:
The Company confirms its understanding of the comment above.
Available Information/Incorporation by Reference, page 26
Response:
The Company has revised its disclosure to respond to the comment above in the “Introduction” portion of the Schedule TO and in “Available Information/Incorporation by Reference” in the Exchange Offer Statement and confirms its understanding of this comment.
The Company hereby acknowledges the following:
• | the Company is responsible for the adequacy and accuracy of the disclosure in the filing; |
• | Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and |
• | the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. |
Please contact the undersigned with any questions.
Sincerely, | |||
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/s/ Jeffrey A. Bacha Jeffrey A. Bacha |
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Chief Executive Officer and President |
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