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Biotech / Medical : Drug Royalty Corporation (DRI-TSE) -- Ignore unavailable to you. Want to Upgrade?

To: BioInv who wrote (87)	5/19/1999 1:11:00 PM
From: Drapeau	Read Replies (1) \| Respond to of 96

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS MAY 19, 1999 Drug Royalty Announces Filing Of Final Prospectus For $16.4 Million Private Placement TORONTO, ONTARIO--Drug Royalty Corporation Inc. (TSE:DRI) today announced that it has filed the final prospectus qualifying the common shares issuable on exercise of 7.3 million special warrants at a purchase price per special warrant of $2.25 for gross proceeds of $16,425,000. The net proceeds of the offering have been released from escrow and will be used to finance the acquisition of royalty interests. The special warrant offering was closed on March 25, 1999. Each special warrant entitles the holder to acquire, at no additional cost, one common share. Yorkton Securities Inc. and HSBC James Capel Canada Inc. acted as agents on the private placement. Drug Royalty provides shareholders with a means of participating in the global life sciences industry by creating and acquiring royalty interests in pharmaceuticals. Drug Royalty is implementing its strategy through: (i) creating new royalty contracts by providing funds to life science companies in return for royalties; and, (ii) acquiring existing royalty streams from public institutions, inventors or companies. Drug Royalty's common shares trade on The Toronto Stock Exchange under the symbol DRI. Total number of shares outstanding subsequent to the exercise of all the special warrants is 40,253,548. This release and other information about Drug Royalty Corporation Inc. can be found on their website at www.drugroyalty.com. Drug Royalty cannot guarantee that any predictions, forecasts and other forward-looking statements in this news release will materialize. Nor is it possible for the company to commit itself to updating information about risks and other factors pertaining to its business that might appear in this or any other public-disclosure documents it publishes.