MERUS LABS INTERNATIONAL INC. ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
The Canadian National Stock Exchange has not approved nor disapproved the contents of this press release.
CNSX Symbol: MR
VANCOUVER, Sept. 22 /CNW/ - Merus Labs International Inc. ("Merus") is pleased to announce board approval for a non-brokered private placement of up to 4,000,000 units at a price of $0.25 per unit (the "Units") for aggregate proceeds up to CAD$1,000,000 (the "Private Placement"). Each Unit offered in the Private Placement will be comprised of one common share and one common share purchase warrant (the "Warrant"). Each Warrant is exercisable for 18 months with an exercise price of $0.40 per share.
The Canadian National Stock Exchange has approved a price protection for the Private Placement of $0.25 per Unit which expires on November 6, 2010. The Private Placement is expected to close within the next 45 days and is subject to regulatory approval.
A commission of 8% of the proceeds paid from certain subscribers will be paid in cash to finders. In addition a commission of 8% of the proceeds paid from certain subscribers will also be paid to finders in the form of commission warrants which are exercisable for 12 months with an exercise price of $0.25 per share.
Merus intends to use the proceeds raised from the issuance of these securities for its general working capital.
About Merus Labs International Inc.
Merus is a specialty pharmaceutical company engaged in acquisition and licensing of pharmaceutical products. The company utilizes its expertise in the North American pharmaceutical markets and its access to capital to acquire and license niche branded products in Canada and United States. Merus further enhances the sale and distribution of these products by introduction of a focused marketing and promotion plan.For further information:
|Dr. Ahmad Doroudian|
Chief Executive Officer
Merus Labs International Inc.
Tel: (604) 805-7783