/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, May 4, 2012 /CNW/ - Merus Labs International Inc. ("Merus" or the "Company") [TSX:MSL, NASDAQ:MSLI] is pleased to
announce that it has entered into an agreement with a syndicate of
underwriters Co-Led by Canaccord Genuity Corp. and Clarus Securities
Inc. (the "Underwriters"), pursuant to which the Underwriters have
agreed to purchase, on a bought deal basis, pursuant to a short form
prospectus, 5,556,000 common shares (the "Common Shares") of the
Company at a price of CAD$1.80 per Common Share (the "Offering Price")
for gross proceeds of CAD$10,000,800 (the "Underwritten Offering"). In
addition, the Company will grant the Underwriters an option to purchase
additional Common Shares at the Offering Price to raise additional
gross proceeds of up to 15% of the Underwritten Offering (the
"Over-Allotment Option") exercisable for a period of up to 30 days
after the closing date (the "Over-Allotment Option", and together with
the Underwritten Offering, the "Offering").
The proceeds from the Offering are expected to be used by the Company
for general corporate purposes. Closing of the Offering is anticipated
to occur on or about May 29, 2012 and is subject to customary
The Common Shares offered have not been registered under the U.S.
Securities Act of 1933, as amended, (the "U.S. Securities Act"), or any
applicable state securities laws of the United States and may not be
offered or sold in the United States or to, or for the account or
benefit of "U.S. persons" (as defined in Regulation S of the U.S.
Securities Act) absent such registration or an applicable exemption
from such registration requirements. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy, nor
shall there be any sale of the securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful.
About Merus Labs International Inc.
Merus is a specialty pharmaceutical company engaged in the 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 licence niche products by introduction of a
focused marketing and promotion plan.
Statements in this news release that are not historical facts are
forward-looking statements that are subject to risks and uncertainties.
Forward-looking statements in this news release include the statement
that the bought deal financing is expected to close on or before May
29, 2012, that Merus intends to use the net proceeds of the Offering
for general corporate purposes and that such Offering will be pursuant
to a short form prospectus. Actual results may differ materially from
those currently anticipated due to a number of factors beyond the
Company's control. These risks and uncertainties include, among other
things, market factors, inability to satisfy conditions to the Offering
(including regulatory approvals), and risks that are inherent in Merus'
operations. These and other risks are described in the Company's Annual
Report and other filings on www.sedar.com and with the Securities and Exchange Commission.
SOURCE Merus Labs International Inc.