WEX Pharmaceuticals to make $2 million rights offering

By Elaine Rigoli

Tampa, Fla., Aug. 29 - WEX Pharmaceuticals, Inc. said Tuesday that it intends to raise about $2 million of equity by way of a rights offering to all shareholders.

The rights offering is expected to be made through a rights offering circular, which is expected to be filed with securities regulators in October.

Proceeds from the rights offering will be used for working capital.

Subject to the terms of the rights offering, holders of common shares of WEX will receive one right for each common share held. Five rights plus the subscription price will be required to subscribe for one additional common share.

Subject to regulatory approval, the subscription price is expected to be fixed at 80% of the volume weighted average trading price of WEX's common shares on the Toronto Stock Exchange for the five trading day period ending on the day prior to the date of filing of the rights offering circular.

WEX is a pharmaceutical company based in Vancouver, B.C.

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