UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | SEC 1473 (7-02) | ||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. |
1. Title of Derivative Security (Instr. 4) |
2. Date Exercisable and Expiration Date (Month/Day/Year) |
3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) |
4. Conversion or Exercise Price of Derivative Security | 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5) |
6. Nature of Indirect Beneficial Ownership (Instr. 5) |
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Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||
Warrant to Purchase Common Stock | 12/28/2006 | 06/28/2008 | Common stock | 12,500,000 | $ 1 | D | Â |
Note Convertible into Common Stock | 12/28/2006 | 06/28/2010 | Common stock | 10,000,000 | $ 1 | D | Â |
Warrant to Purchase Common Stock | 06/28/2006 | Â (2) | Common stock | 5,000,000 | $ 1 | D | Â |
Note Convertible into Common Stock | 06/28/2006 | 09/01/2009 | Common stock | 5,000,000 | $ 1 | D | Â |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
PERSISTENCY PO BOX 309 GEORGE TOWN, CAYMAN ISLANDS BRITISH WEST INDIESÂ |
 |  X |  |  |
Chasm Lake Management Services, LLC 850 7TH AVENUE, SUITE 701 NEW YORK, NY 10019 |
 |  X |  |  |
Morris Andrew 850 7TH AVENUE, SUITE 701 NEW YORK, NY 10019 |
 |  X |  |  |
Persistency Private Equity LTD 57/63 LINE WALL ROAD GIBRALTARÂ |
 |  X |  |  |
/s/ Andrew J. Morris, Director of Persistency | 11/03/2006 | |
**Signature of Reporting Person | Date | |
/s/ Andrew J. Morris, Managing Director of Chasm Lake Management Services, LLC d/b/a Persistency Capital | 11/03/2006 | |
**Signature of Reporting Person | Date | |
/s/ Andrew J. Morris | 11/03/2006 | |
**Signature of Reporting Person | Date | |
/s/ Andrew J. Morris, Authorized Signatory for Persistency Private Equity Limited | 11/03/2006 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 5(b)(v). |
** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) | The reporting person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. |
(2) | The expiration date of these warrants is provided for in the Warrant certificate, which provides for alternative expiration dates based on the fulfillment of certain productivity targets, the occurrence of certain business reorganization events, the exercise of other CanArgo warrants, and/or the extension of the exercise period by CanArgo's Board of Directors. |
 Remarks: Chasm Lake Management Services, LLC d/b/a Persistency Capital is the investment manager of Persistency and of Persistency Private Equity Limited.  Andrew Morris is the managing director of Chasm Lake Management Services LLC, a director of Persistency, and an authorized signatory for Persistency Private Equity Limited.  Each of the joint filers disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that any one of the joint filers is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. |