Merus Labs International Inc. Announces Proceeds of the Warrant Incentive Program and Repayment of Short Term Credit Facility
10/14/2011 11:18:41 AM
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.