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Merus Labs International Inc. Closes $27 Million Bought Deal Financing
Mar. 01, 2016 09:22AM PST
Life Science Investing NewsMerus Labs International Inc. (TSX:MSL, NASDAQ:MSLI) is pleased to announce today the closing of its previously announced bought deal financing of subscription receipts with a syndicate of investment dealers co-led by Canaccord Genuity Corp. and Clarus Securities Inc. and including Cormark Securities Inc., Laurentian Bank Securities Inc., CIBC World Markets Inc., Dundee Securities Ltd., GMP Securities L.P., Scotia Capital Inc. and TD Securities Inc.
Merus Labs International Inc. (TSX:MSL, NASDAQ:MSLI) is pleased to announce today the closing of its previously announced bought deal financing of subscription receipts with a syndicate of investment dealers co-led by Canaccord Genuity Corp. and Clarus Securities Inc. and including Cormark Securities Inc., Laurentian Bank Securities Inc., CIBC World Markets Inc., Dundee Securities Ltd., GMP Securities L.P., Scotia Capital Inc. and TD Securities Inc. The Company issued a total of 14,250,000 subscription receipts at a price of $1.90 per Subscription Receipt for gross proceeds of $27,075,000.
According to the news:
The proceeds of the Subscription Receipts will, together with an advance under the Company’s amended and restated credit facility announced on February 1, 2016, be used to fund the acquisition from Sanofi S.A. of the rights to the Surgestone®, Provames®, Speciafoldine®, and Tredemine® pharmaceutical products in France for a purchase price of €22.5 million. Each Subscription Receipt will convert into one special warrant of the Company upon release of the proceeds from escrow, with each Special Warrant being convertible into one common share of the Company.