By Sheri Kasprzak
New York, Dec. 20 - Medicure Inc. secured $20.28 million from a private placement of stock.
A group of U.S.-based institutional investors agreed to buy 15.6 million shares at $1.30 apiece.
The investors also will receive warrants for 3.1 million shares, exercisable at $1.70 each for five years.
The deal is expected to close within the coming days.
Deutsche Bank Securities Inc. was the lead agent with A.G. Edwards & Sons, Inc. and Montgomery & Co., LLC as co-agents.
Proceeds will be used for the ongoing development of the company's lead clinical product, MC-1. The rest will be used for general corporate purposes.
Based in Winnipeg, Man., Medicure develops treatments for cardiovascular disorders.
| Issuer: | Medicure Inc.
|
| Issue: | Stock
|
| Amount: | $20.28 million
|
| Shares: | 15.6 million
|
| Price: | $1.30
|
| Warrants: | For 3.1 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.70
|
| Placement agents: | Deutsche Bank Securities Inc. (lead); A.G. Edwards & Sons, Inc.; Montgomery & Co., LLC
|
| Announcement date: | Dec. 20
|
| Stock symbol: | Amex: MCU
|
| Stock price: | $1.36 at close Dec. 19
|
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