Nuvo Research Inc (MRVFF)

[EastCoastCdn]

Nuvo Research completes redemption of 5% convertible debentures

http://www.prnewswire.com/news-releases/nuvo-research-completes-redemption-of-5-convertible-debentures-88247872.html

MISSISSAUGA, ON, March 17 /PRNewswire-FirstCall/ - Nuvo Research Inc. (TSX: NRI), a Canadian drug development company focused on the research and development of drug products that are delivered to and through the skin using its topical and transdermal drug delivery technologies, and on the development of its immune modulating drug candidate WF10, today announced that 100 per cent of eligible convertible debentures were converted into common shares pursuant to the Company's notice of redemption to holders of its 5% convertible debentures (the Debentures).

Nuvo announced a notice of early redemption for its Debentures on February 4, 2010, stating that it would redeem the outstanding $3,486,000 principal amount of Debentures for $3.61 million in cash. The Debentures would otherwise have matured on November 16, 2010. As of March 12, 2010, all debenture holders elected to convert their outstanding principal amount into 25.3 million shares of common stock at $0.138 per share. All shares received upon conversion of the Debentures are freely tradable.

"As anticipated all of these deep-in-the-money debentures were converted into common shares," said Jim Moulds, Executive Vice President and CFO of Nuvo Research. "Their early conversion removes substantially all debt from Nuvo's balance sheet and eliminates the obligation to make future interest payments."