Herbert Abramson

December 01, 2010 14:04 ET

Herbert Abramson Acquires Additional Shares of Lorus Therapeutics Inc.

TORONTO, ONTARIO--(Marketwire - Dec. 1, 2010) - Herbert Abramson, a director of Lorus Therapeutics Inc. ("Lorus"), announces that he has acquired, directly or indirectly, 1,410,000 common shares of Lorus at $1.05 per share. The acquisition of the shares represents approximately 10.0% of the outstanding common shares of Lorus. The shares were acquired from treasury pursuant to a private placement by the Issuer.

Upon completion of the acquisition, Mr. Abramson owns, directly or indirectly, 6,437,811 common shares of Lorus, representing approximately 41.0% of the issued and outstanding common shares of Lorus. In addition, Mr. Abramson owns stock options exercisable into 14,999 common shares and warrants exercisable into 3,883,592 common shares. If he were to exercise all of the options and warrants held by him, Mr. Abramson would own an aggregate of 10,336,403 common shares, representing approximately 52.8% of the then issued and outstanding common shares of Lorus (on a partially diluted basis, i.e., assuming no options and warrants were exercised by other holders).

The shares were acquired for investment purposes. Mr. Abramson reserves the right to acquire further securities of Lorus depending on market conditions and other relevant factors.

The common shares of Lorus trade on the Toronto Stock Exchange.

An early warning report in respect of the above noted transactions will be filed on SEDAR.

Contact Information

  • Herbert Abramson
    22 St. Clair Avenue East, 18th Floor, Toronto, ON