By Sheri Kasprzak
New York, Aug. 22 - Medicure Inc. has completed a private placement for $3,852,070.
The company sold 5,205,500 shares at $0.74 each to a group of institutional investors led by Satellite Asset Management, LP.
The investors also received warrants for 2,602,750 shares, exercisable at $0.97 each for five years. Medicure may force the exercise of the warrants if its stock exceeds 250% of the exercise price for more than 20 consecutive trading days.
Needham & Co. was the placement agent for the offering.
Based in Winnipeg, Man., Medicure develops treatments for cardiovascular diseases. The proceeds from the deal will be used for clinical trials.
| Issuer: | Medicure Inc.
|
| Issue: | Stock
|
| Amount: | $3,852,070
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| Shares: | 5,205,500
|
| Price: | $0.74
|
| Warrants: | For 2,602,750 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.97
|
| Investors: | Satellite Asset Management, LP (lead)
|
| Placement agent: | Needham & Co.
|
| Settlement date: | Aug. 22
|
| Stock price: | $0.85 at close Aug. 19
|
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