Lorus Therapeutics Successfully Completes Rights Offering, Raising $3.71 Million
08 Agosto 2008 - 4:16PM
Marketwired
Lorus Therapeutics Inc. (TSX: LOR)(AMEX: LRP) ("Lorus"), a
biopharmaceutical company specializing in the research and
development of pharmaceutical products and technologies for the
management of cancer, today announced that it has successfully
completed its rights offering to eligible shareholders raising
total gross proceeds of $3.71 million.
Under the rights offering, investors subscribed for 28,538,889
units of the company at a price of $0.13 per unit. Each unit
consists of a common share and one half-purchase warrant. As a
result of the rights offering Lorus will issue 28,538,889 common
shares and 14,269,444 purchase warrants exercisable into an equal
number of common shares at a price of $0.18 expiring on August 7,
2010.
"We greatly appreciate the support that our shareholders
demonstrated with the successful completion of this rights
offering," stated Dr. Aiping Young, President & CEO of Lorus.
"The capital raised in this rights offering will strengthen our
financial position and allow Lorus to continue pursuing the
research and development of its anticancer drugs."
Lorus' transfer agent is in the process of distributing units to
those shareholders who participated in the rights offering, either
directly or through their brokers.
Information for United States Shareholders
This news release does not constitute an offer to sell or the
solicitation of an offer to buy and of these securities in the
United States. Securities may not be offered or sold in the United
States absent registration under the United States Securities Act
of 1933, as amended, and applicable state securities laws, or an
available exemption from such registration requirements.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Canadian and U.S. securities laws. Such statements
include, but are not limited to, statements relating to: financings
and corporate reorganizations, the establishment of corporate
alliances, the Company's plans, objectives, expectations and
intentions and other statements including words such as "continue",
"expect", "intend", "will", "should", "would", "may", and other
similar expressions. Such statements reflect our current views with
respect to future events and are subject to risks and uncertainties
and are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by us are inherently
subject to significant business, economic, competitive, political
and social uncertainties and contingencies. Many factors could
cause our actual results, performance or achievements to be
materially different from any future results, performance or
achievements described in this press release. Such expressed or
implied forward looking statements could include, among others: the
actual number of shares to be issued in the future as a result of
warrant exercised; use of proceeds of the Rights Offering; the
inherent risks in early stage drug development including
demonstrating efficacy; development time/cost and the regulatory
approval process; the progress of our clinical trials; our ability
to find and enter into agreements with potential partners; our
ability to attract and retain key personnel; changing market
conditions; and other risks detailed from time-to-time in our
ongoing quarterly filings, annual information forms, annual reports
and annual filings with Canadian securities regulators and the
United States Securities and Exchange Commission.
Should one or more of these risks or uncertainties materialize,
or should the assumptions set out in the section entitled "Risk
Factors" in our filings with Canadian securities regulators and the
United States Securities and Exchange Commission underlying those
forward-looking statements prove incorrect, actual results may vary
materially from those described herein. These forward-looking
statements are made as of the date of this press release and we do
not intend, and do not assume any obligation, to update these
forward-looking statements, except as required by law. We cannot
assure you that such statements will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. Investors are cautioned that
forward-looking statements are not guarantees of future performance
and accordingly investors are cautioned not to put undue reliance
on forward-looking statements due to the inherent uncertainty
therein.
Lorus Therapeutics Inc.'s recent press releases are available
through the Company's website at www.lorusthera.com. For Lorus'
regulatory filings on SEDAR, please go to www.Sedar.com. For SEDAR
filings prior to July 10, 2007 you will find these under the
company profile for Global Summit Real Estate Inc. (Old Lorus).
Contacts: Lorus Therapeutics Inc. Dr. Saeid Babaei (416)
798-1200 ext. 490 Email: ir@lorusthera.com Website:
www.lorusthera.com
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