VANCOUVER, Oct. 14, 2011 /CNW/ - Merus Labs International Inc. (the
"Company") is pleased to announce that 16,324,250 warrants were
exercised pursuant to the warrant incentive program (the "Program")
announced by the Company on September 28, 2011 for gross proceed of
$6,529,700. Under the Program the Company granted to holders of its
existing warrants one half of a bonus warrant (a "Bonus Warrant") for
each existing warrant exercised on or before October 12, 2011. The
Bonus Warrant is exercisable at $0.65 for 18 months. The Company has
agreed to pay a 4% cash payment to PowerOne Capital Markets Limited and
Primary Capital Inc. in connection with their assistance in having the
existing warrant holders exercise their warrants.
The Company also announces that from the proceeds of the Program, it has
repaid $4,444,000 remaining balance of the short-term loan ($6.0
million) extended by Envoy Capital to the Company earlier this year,
inclusive of principal and interest.
"I am very pleased with the results of the warrant incentive program.
With our stronger balance sheet we will continue to search for product
acquisition and licensing opportunities to increase value for our
shareholders in the near future." said Ahmad Doroudian, President and
About Merus Labs
Merus is a specialty pharmaceutical company engaged in the acquisition
and licensing of pharmaceutical products. Merus Labs 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 Labs further enhances the sale and distribution of
these products by introduction of a focused marketing and promotion
This press release may contain forward-looking statements that involve
risks and uncertainties. These statements relate to future events or
our future financial performance. In some cases, you can identify
forward-looking statements by terminology including "could", "may",
"will", "should", "expect", "plan", "anticipate", "believe",
"estimate", "predict", "potential" and the negative of these terms or
other comparable terminology. While these forward-looking statements,
and any assumptions upon which they are based, are made in good faith
and reflect our current judgment regarding the direction of our
business, actual results will almost always vary, sometimes materially,
from any estimates, predictions, projections, assumptions or other
future performance suggested in this report. Except as required by
applicable law, we do not intend to update any of the forward-looking
statements so as to conform these statements to actual results.
Investors should refer to the risks disclosed in the Company's reports
filed from time to time with securities regulatory authorities.
SOURCE Merus Labs Inc.
For further information:
Dr. Ahmad Doroudian, Chief Executive Officer
Merus Labs International Inc.
Tel: (604) 805-7783