TORONTO, ONTARIO--(Marketwired - May 13, 2016) - Mr. Ian Ihnatowycz announced that effective May 13, 2016, First Generation Capital Inc. entered into an agreement with West Face Long Term Opportunities Global Master L.P. and K2 Principal Fund L.P. pursuant to which First Generation agreed to purchase (the "Transaction") an aggregate of 51,437,691 common shares of Acerus Pharmaceuticals Corporation ("Acerus") for an aggregate price of $10,246,387.90 or $0.1992 per share.
Immediately prior to the Transaction, First Generation owned 51,081,093 common shares of Acerus, or approximately 23.97% of the outstanding common shares. After closing of the Transaction, First Generation will own 102,518,784 common shares or approximately 48.1% of the outstanding common shares of Acerus.
The Transaction is being conducted privately in accordance with the "private agreement" exemption contained in section 4.2 of National Instrument 62-104.
The common shares are being acquired and will be held for investment purposes. Depending upon the circumstances, Mr. Ihnatowycz and/or First Generation Capital Inc. may, from time to time, acquire additional securities or related financial instruments of Acerus or dispose of all or a portion of the securities or related financial instruments of Acerus previously acquired.
Additional information is provided in the early warning report filed on www.sedar.com.
For further information or a copy of the early warning report please contact:
First Generation Capital Inc.
40 King Street West, Suite 3515
Toronto, ON M5H 3Y2
Attention: Ian Ihnatowycz, President and CEO
Telephone: (416) 304-9910
Contact Information:
Ian Ihnatowycz
President and CEO
(416) 304-9910