CIT Financial Ltd.

April 16, 2013 11:30 ET

Release of Pledge of Trimel Shares

NEW YORK, NEW YORK--(Marketwired - April 16, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

CIT Financial Ltd. ("CIT"), in its capacity as administrative agent to a syndicate of lenders (collectively, the "Lenders"), issued a press release dated April 15, 2013 to the effect that the Lenders had agreed with Mr. Melnyk to refrain from exercising any voting or disposition rights with respect to the 53,478,965 common shares (the "Pledged Shares") in the capital of Trimel Pharmaceuticals Corporation ("Trimel") that were pledged by Mr. Melnyk in favour of the Lenders until April 15, 2013. Today, CIT announced that the Lenders have been paid in full and have therefore released the Pledged Shares from the pledge in favour of the Lenders.

The Pledged Shares, which the Lenders believe represent approximately 58.9% of the issued and outstanding common shares in the capital of Trimel, will therefore no longer be subject to any encumbrances or other rights in favour of the Lenders.

CIT is located at 207 Queens Quay West, Suite 700, Toronto, ON M5J 1A7. A copy of the early warning report can be obtained from Andrew Bella (Tel: 212 771 9341) or on Trimel's profile at www.SEDAR.com.

Contact Information

  • CIT Financial Ltd.
    207 Queens Quay West
    Suite 700
    Toronto, ON M5J 1A7