By Laura Lutz
Des Moines, Aug. 21 - Medicure Inc. arranged a private placement of shares for $15 million.
The company sold about 13.04 million common shares at $1.15 each.
The investors also received warrants for about 3.9 million additional shares, exercisable at $1.50 per share for five years.
Medicure also announced that it has secured a $25 million investment from Manchester Securities Corp., an affiliate of Elliott Associates, LP. Under that agreement, Elliot will receive an escalating minimum annual return starting at $2.5 million based on revenues of the company's Aggrastat product.
Medicure is a biopharmaceutical company based in Winnipeg, Man.
| Issuer: | Medicure Inc.
|
| Issue: | Common shares
|
| Amount: | $15 million
|
| Shares: | 13.04 (approximate)
|
| Price: | $1.15
|
| Warrants: | For about 3.9 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.50
|
| Pricing date: | Aug. 21
|
| Stock symbol: | Toronto: MPH
|
| Stock price: | C$1.22 at close Aug. 20
|
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