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Merus Labs International Inc.
MSL ("MSL" or the
"Company") has entered into an agreement with a syndicate of underwriters
co-led by Clarus Securities Inc. and Cormark Securities Inc., and including
Canaccord Genuity Corp., Laurentian Bank Securities Inc., GMP Securities
L.P. and TD Securities Inc. (collectively, the "Underwriters"), pursuant to
which the Underwriters have agreed to purchase, on a bought deal basis,
19,672,200 common shares (the "Common Shares") of the Company at a price of
C$3.05 per Common Share (the "Offering Price") for aggregate gross proceeds
to MSL of C$60,000,210 (the "Offering").
The Company has also agreed to grant the Underwriters an over-allotment
option to purchase an additional 2,950,830 Common Shares at the Offering
Price, exercisable in whole or in part, for a period ending 30 days
following the Closing Date. In the event the over-allotment option is
exercised in full, the aggregate gross proceeds of the Offering will be
C$69,000,242.
The Common Shares will be offered in the provinces of Ontario, Alberta,
Manitoba and British Columbia by short form prospectus, and in such other
jurisdictions, including the United States and in those jurisdictions
outside of Canada and the United States which are agreed to by the Company
and the Underwriters, where the Common Shares can be issued on a private
placement basis, exempt from any prospectus, registration or other similar
requirements.
The Offering is expected to close on or about April 30, 2015 (the "Closing
Date") and is subject to certain conditions including, but not limited to,
the receipt of all necessary approvals including the approval of the Toronto
Stock Exchange and the NASDAQ Stock Market.
The Company intends to use the net proceeds from the Offering for future
growth, working capital and general corporate purposes.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in the
United States or in any other jurisdiction in which such offer, solicitation
or sale would be unlawful. The securities have not been registered under the
United States Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable exemption
from the registration requirements thereunder.
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