Merus buying back shares MERUS LABS INTERNATIONAL INC. ANNOUNCES NORMAL COURSE ISSUER BID
Merus Labs International Inc. is proceeding with a normal course issuer bid for up to 7,615,972 common shares of the company, representing approximately 10 per cent of the total public float of the common shares of the company. On November 12, 2014, the Company had a total of 81,245,724 common shares outstanding out of which a total of 5,086,000 common shares are non-public shares held by directors and senior officers or held in escrow. The Company has received approval from the Toronto Stock Exchange (the "TSX") to commence this bid on November 19, 2014. Purchases will be made on the TSX at the market price at the time of acquisition. Pursuant to TSX policies, daily purchases will not exceed 149,025 common shares except where such purchases are made in accordance with "block purchases" exemptions under applicable TSX policies.
The Company's normal course issuer bid will terminate on November 18, 2015 or earlier if the number of shares sought in the normal course issuer bid have been purchased. The Company reserves the right to terminate the bid earlier if it feels it is appropriate to do so. The Company has not made any purchases of its common shares during the past twelve months.
The Company believes that the market price of its common shares at certain times may be attractive and that the repurchase of common shares at such market prices is an appropriate use of corporate funds.
All shares will be purchased either on the open market through the facilities of the TSX or through other Canadian market places, and payment for the shares will be in accordance with TSX policies. The price paid for the shares will be the market price at the time of purchase. No purchases will be made other than by means of open market transactions during the term of the normal course issuer bid. The shares purchased by the Company will be cancelled. Purchases may be suspended by the Company at any time.
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