MISSISSAUGA, ON, Nov. 30, 2015 /CNW/ - Nuvo Research Inc.
(TSX:NRI) ("Nuvo" or the "Company"), a specialty pharmaceutical
company with growing revenues and a diverse portfolio of topical
and immunology products, today announced that it is accelerating
the expiry date of all of its outstanding warrants and broker
warrants and that the new expiry date for the warrants and broker
warrants is 5:00 p.m. (Toronto Time)
on January 15, 2016 (the "Accelerated
Expiry Time"). In accordance with the terms of the
warrants and the broker warrants, any warrants or broker warrants
not validly exercised in accordance with their terms prior to the
Accelerated Expiry Time will immediately expire and all rights of
the holders of warrants and broker warrants will be terminated
without any compensation to the holder thereof.
Pursuant to the terms of the warrants and broker warrants, Nuvo
is entitled to accelerate the expiry date of the warrants and the
broker warrants, to a date that is not less than 30 trading days
from the date of this news release, because the ten day volume
weighted share price for Nuvo's common shares on the TSX exceeds
$3.50.
Each whole warrant entitles the holder thereof to purchase one
Nuvo common share at a price of $3.00
per share. Each broker warrant entitles the holder thereof to
purchase one Nuvo unit, each of which consists of one Nuvo common
share and one half of a warrant, at a price of $2.54 per unit. If all of the warrants and
broker warrants are validly exercised in full prior to the
Accelerated Expiry Time, Nuvo anticipates that it will receive
approximately $586,000 in proceeds
and will issue approximately 198,000 Nuvo common shares.
This news release constitutes the notice of the accelerated time
of expiry of the warrants and broker warrants required under the
terms thereof, and no further notice to holders of warrants or
broker warrants will be provided.
NUVO RESEARCH
INC.
|
"John
London"
|
John London
|
President and Co-Chief
Executive Officer
|
About Nuvo Research Inc.
Nuvo (TSX:NRI) is a growing specialty pharmaceutical company
with a diverse portfolio of products and technologies for pain and
topical indications. Nuvo's products range from FDA approved,
commercial products to development stage drug candidates and
technology platforms. For additional Company information
visit www.nuvoresearch.com.
SOURCE Nuvo Research Inc.