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Gold/Mining/Energy : Nuvo Research Inc -- Ignore unavailable to you. Want to Upgrade?

To: axial who wrote (13799)	11/16/2004 10:05:40 AM
From: Cal Gary	Respond to of 14101

Dimethaid Research completes $11.2-million offering 2004-11-16 09:24 ET - News Release Ms. Jodi Peake reports DIMETHAID COMPLETES $11.2 MILLION FINANCING Dimethaid Research Inc. has successfully completed its previously announced offering with the sale of 12,800 units at a price of $1,000 each, providing $11.2-million in net proceeds. An additional 4,000 units have been issued to Dr. F.W. Kuhne to satisfy obligations arising from the May, 2002, purchase of Oxo Chemie A.G. The offering was led by Research Capital Inc. and included McFarlane Gordon Inc. "As we said in the letter to shareholders on Oct. 6, financing is crucial to our restructuring plan," commented Dimethaid chairman Daniel H. Chicoine. "While we are sensitive to the dilution to existing shareholders, successfully completing this offering will allow the company to move ahead in the pursuit of important drug commercialization opportunities." Each unit consists of one 5.0-per-cent convertible, unsecured debenture in the principal amount of $1,000, maturing on Nov. 16, 2009, plus 1,667 common share purchase warrants. At any time prior to maturity, holders other than Dimethaid directors or officers may convert debentures into common shares at a price of 30 cents per share. (For directors and officers, the conversion price is 39 cents per share.) Each purchase warrant allows holders to acquire, at no additional charge, one common share at an exercise price of 45 cents until Nov. 16, 2007, or 48 cents until Nov. 16, 2009. Dimethaid intends to use net proceeds from the $11.2-million offering for restructuring and severance costs, repaying current obligations and financing clinical trials, as well as for general corporate purposes. The units have not been, and will not be, registered under U.S. securities laws, and absent registration or an applicable exemption, may not be offered or sold within the United States or to a U.S. person. This release does not constitute an offer for sale of securities in the U.S. and any public offering of securities in the U.S. will be made by means of a prospectus. A copy of the final prospectus will be posted on SEDAR at www.sedar.com. WARNING: The company relies upon litigation protection for "forward-looking" statements.