Eugene Melnyk

April 16, 2013 08:43 ET

Eugene Melnyk Completes $150 Million Refinancing

TORONTO, ONTARIO--(Marketwired - April 16, 2013) - Mr. Eugene Melnyk today announced that he has completed the refinancing of the loans that were secured by a pledge of the 53,478,965 common shares of Trimel Pharmaceuticals Corporation (TSX:TRL) beneficially owned by him (which represent approximately 58.9% of the outstanding common shares of Trimel). As a result of this refinancing, these shares were released from this pledge and the right to vote and sell these shares has reverted to Mr. Melnyk. Mr. Melnyk has pledged a portion of these shares as security for new loans incurred in the refinancing which also involves the release of such shares based on a price formula.

As previously announced by Trimel, Mr. Melnyk is not proceeding with the secondary offering described in Trimel's preliminary prospectus dated March 20, 2013. Depending on market conditions and other factors, Mr. Melnyk may from time to time acquire or dispose of additional securities of Trimel in the open market, by private agreement or otherwise.

In connection with this news release, an early warning report will be filed by Mr. Melnyk in accordance with applicable securities laws. A copy of that early warning report will be available on SEDAR at and can be obtained from:

Ken Villazor

25 Metcalfe Street

Toronto, ON

M4X 1R5

Phone: 416-200-7641

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities.

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