MISSISSAUGA, ON, Nov. 30, 2015 /CNW/ - Nuvo Research Inc. (TSX:NRI) ("Nuvo" or the "Company"), a specialty pharmaceutical company with growing revenues and a diverse portfolio of topical and immunology products, today announced that it is accelerating the expiry date of all of its outstanding warrants and broker warrants and that the new expiry date for the warrants and broker warrants is 5:00 p.m. (Toronto Time) on January 15, 2016 (the "Accelerated Expiry Time"). In accordance with the terms of the warrants and the broker warrants, any warrants or broker warrants not validly exercised in accordance with their terms prior to the Accelerated Expiry Time will immediately expire and all rights of the holders of warrants and broker warrants will be terminated without any compensation to the holder thereof.
Pursuant to the terms of the warrants and broker warrants, Nuvo is entitled to accelerate the expiry date of the warrants and the broker warrants, to a date that is not less than 30 trading days from the date of this news release, because the ten day volume weighted share price for Nuvo's common shares on the TSX exceeds $3.50.
Each whole warrant entitles the holder thereof to purchase one Nuvo common share at a price of $3.00 per share. Each broker warrant entitles the holder thereof to purchase one Nuvo unit, each of which consists of one Nuvo common share and one half of a warrant, at a price of $2.54 per unit. If all of the warrants and broker warrants are validly exercised in full prior to the Accelerated Expiry Time, Nuvo anticipates that it will receive approximately $586,000 in proceeds and will issue approximately 198,000 Nuvo common shares.
This news release constitutes the notice of the accelerated time of expiry of the warrants and broker warrants required under the terms thereof, and no further notice to holders of warrants or broker warrants will be provided.
NUVO RESEARCH INC.
President and Co-Chief Executive Officer
About Nuvo Research Inc.
Nuvo (TSX:NRI) is a growing specialty pharmaceutical company with a diverse portfolio of products and technologies for pain and topical indications. Nuvo's products range from FDA approved, commercial products to development stage drug candidates and technology platforms. For additional Company information visit www.nuvoresearch.com.
SOURCE Nuvo Research Inc.
For further information: Investor Relations, Email: [email protected]