Lorus Therapeutics $46M Bought Offering

On May 2, 2000, Lorus Therapeutics Inc. (Lorus), a biopharmaceutical company specializing in research, development and commercialization of pharmaceutical products and technologies for the management of cancer, announced that it had completed a bought deal financing with a syndicate of underwriters to issue and sell 15,333,334 common shares at a price of $3.00 per share, for gross proceeds of $46 million. This includes an option, which was exercised in full by the underwriters, to purchase up to 2,000,000 additional common shares at $3.00.

Torys acted for Lorus on the deal with a team that included Randy MacEwen, Peter Walker and Ray Archer, with US advice from Andy Beck of the Torys New York office. Tom Koutoulakis of Cassels Brock & Blackwell LLP acted for the underwriters, HSBC Securities (Canada) Inc., Yorkton Securities Inc., TD Securities Inc. and Dominick & Dominick Securities Inc.