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(i) the extension of the term of the Debentures for an additional 3 years from the effective date of August 15, 2008; (ii) an increase of the interest rate from 8% to 10%, with the right on the part of the company to suspend interest payments for the first year ; (iii) a decrease in the conversion price from $0.60 per share to $0.40 per share; (iv) a forced conversion by the Corporation at $1.00 per share in the second year and $1.25 per share in the third year; (v) the Corporations to pursue their interest in selling the Corporation's Cefuroxime Axetil business with net proceeds applied to reduce the related Business Development Bank of Canada (BDC) loan with a partial repayment of the Debentures; and (vi) an increase in the BDC mortgage and loan limit to $3.0 million.
In addition, one common share purchase warrant has been issued for every two common shares issuable on conversion of the amended and extended debentures for a total of 6,625,000 warrants. Each Warrant is exercisable on or before the effective date of August 15, 2011 for one Common Share at an exercise price of $0.40 per share.
Orbus is also announcing that it has completed an additional offering of units consisting of a total of $2,000,000 principal amount of Debentures with the same terms as the amended and extended Debentures outlined above. One common share purchase warrant has been issued for every two common shares issuable on conversion of the additional debentures for a total of 2,500,000 warrants. Each Warrant is exercisable on or before the effective date of August 15, 2011 for one Common Share at an exercise price of $0.40 per share.
The amendment and extension of the Debentures, the issue of the Warrants and the additional offering of the Units have received all necessary approvals, including that of the Toronto Stock Exchange.
Further details will be set out in the material change report of Orbus to be filed with securities regulatory authorities in connection with the closing. Such details were not filed at least 21 days before closing because Orbus could have no assurance that the amendment and extension, the issue of the Warrants and the additional offering would close until all documentation had been finalized.
Orbus, headquartered in Markham, Ontario and listed on the Toronto Stock Exchange under the symbol ORB, is pursuing an integrated strategy of: (1) generic drug development, using proprietary delivery systems for certain products; (2) product out-licensing; and (3) pharmaceutical supply agreement manufacturing. For more information please visit www.orbus.ca.
Forward-looking statements Certain statements in this disclosure are "forward-looking statements", which reflect management's expectations regarding the Company's future growth, results of operations, performance and business prospects and opportunities. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Many factors could cause results to differ materially from the results discussed in the forward-looking statements, including risks related to dependence on key suppliers, economic conditions, competition, regulatory change, foreign exchange rates, and interest rates, among others. Although the forward-looking statements are based on what management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements.
20 Konrad Crescent, Markham, Ontario, L3R 8T4
Source: Orbus Pharma Inc. (TSX: ORB)
CONTACT: Andrew B. Zaleski, Interim President and C.E.O, Orbus Pharma Inc Tel: +1 905 943 9444 ext: 229 Greg W. Muir, Vice President and C.F.O, Orbus Pharma Inc Tel: +1 905 943 9444 ext: 222 Fax: +1 905 943 9878 WWW: http://www.orbus.ca Filing Services Canada Inc Tel: +1 403 717 3898 Fax: +1 403 717 3896 WWW: http://www.usetdas.com
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