Nuvo Research plans $15-million bought-deal financing
Nuvo Research Inc (C:NRI)
Shares Issued 133,842,720
Last Close 5/31/2006 $0.455
Wednesday May 31 2006 - News Release
An anonymous director reports
NUVO ENTERS INTO A BOUGHT DEAL AGREEMENT FOR GROSS PROCEEDS OF $15 MILLION
Nuvo Research Inc. has entered into an agreement with a syndicate of underwriters led by Dundee Securities Corp. and including Versant Partners Inc., Clarus Securities Inc. and Westwind Partners Corp., under which the underwriters have agreed to buy 37.5 million units from Nuvo on a bought-deal basis and sell them to the public at a price of 40 cents per unit, subject to the fulfilment of certain conditions. Each unit consists of one common share of Nuvo and one-third of a warrant, each whole warrant being exercisable to acquire an additional common share of Nuvo at a price of 50 cents per share for 36 months.
The gross proceeds raised from the offering will be $15-million. The offering is subject to the approval of the Toronto Stock Exchange. Units will be offered in Canada by short-form prospectus and, in such other jurisdictions, including the United States and Europe, where the units 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 June 16, 2006.
Nuvo intends to use the net proceeds of the offering mainly to finance and support the continuing clinical development and commercialization of Nuvo's Pennsaid, Pennsaid Plus, Penecure and other programs. The balance will be allocated to working capital and other corporate purposes.
The securities offered 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. This press release will not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
© 2006 Canjex Publishing Ltd. |
