Is this an April Fool's joke or are pirates still sailing? Transmitted by CNW Group on : April 1, 2014 07:30
Nuvo Research® closes $3.1 million private placement
MISSISSAUGA, ON, April 1, 2014 /CNW/ - Nuvo Research Inc. (TSX:NRI), (the "Company"), a specialty pharmaceutical company with a diverse portfolio of topical and immunology products, is pleased to announce the closing of a non-brokered private placement (the "Private Placement"), pursuant to which an aggregate of 1,390,000 units of the Company were issued at a price of $2.25 per unit, raising gross proceeds of approximately $3,127,500. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant of the Company. Each whole warrant entitles the holder to purchase one common share of the Company at a price of $3.00 for a 24-month period, subject to acceleration at the option of the Company in the event that the ten-day volume weighted share price for the Company's common shares is equal to or exceeds $3.50 on the Toronto Stock Exchange ("TSX") at any time during the warrant term. First Republic Capital Corporation ("First Republic") was he primary finder of the participants in the offering.
Certain officers of the Company participated in the Private Placement and acquired 67,768 Units on the same terms as the other purchasers. The participation by the officers in the Private Placement constitutes a "related party transaction" under Multilateral Instrument 61-101 and is exempt from the minority approval and valuation requirements under such instrument.
In connection with the Private Placement, a finder's fee was paid consisting of (a) a 6% cash commission on the gross proceeds raised under the private placement relating to purchasers introduced by the finders, and (b) broker warrants to purchase Units at a price of $2.54 per Unit equal to 6% of the number of Units relating to purchasers introduced by the finders.
"This financing allows us to further advance our immunology program and provides us a stronger balance sheet going forward," said
Dan Chicoine,...