Miravo Healthcare™ Files Preliminary Base Shelf Prospectus

Rhea-AI Summary

Miravo Healthcare (MRVFF) filed a preliminary base shelf prospectus across Canadian provinces to enhance financial flexibility. This prospectus allows the company to issue securities worth up to C$40 million over a 25-month period. The company can offer common shares, preferred shares, debt securities, and more, contingent on filing prospectus supplements. While the prospectus aims to provide strategic flexibility, there is no guarantee that securities will be sold. The company cannot initiate sales until receiving final receipts from regulators, also noting the securities cannot be offered in the U.S. without proper registration.

Positive

• The filing of a preliminary base shelf prospectus indicates the company's proactive approach to maintaining financial flexibility.
• Potential to raise up to C$40 million, which could support growth initiatives.

Negative

• The securities are not guaranteed to be sold, indicating a lack of assurance in capital raising.
• The requirement of filing additional prospectus supplements for each issue may introduce delays and regulatory hurdles.

MISSISSAUGA, ON, March 8, 2021 /PRNewswire/ - Nuvo Pharmaceuticals Inc. (TSX: MRV) (OTCQX: MRVFF) d/b/a Miravo Healthcare ("Miravo" or "the Company") a Canadian focused healthcare company with global reach and a diversified portfolio of commercial products, today announced that it has filed a preliminary base shelf prospectus with the securities regulatory authorities in each of the provinces of Canada (the "Prospectus"). The Prospectus has not yet become final for the purpose of the sale of securities. The Company has filed the Prospectus to maintain financial flexibility and to have the ability to offer the securities on an accelerated basis pursuant to the filing of prospectus supplements. There is no certainty any securities will be offered or sold under the final short form base shelf prospectus.

Once receipts for the final base shelf prospectus are obtained from the applicable securities regulators, the final base shelf prospectus will be valid for a 25-month period, during which time the Company may offer and issue, from time to time, common shares, preferred shares, debt securities, warrants and subscription receipts, or any combination thereof, having an aggregate offering price of up to C$40,000,000.  Any issue of securities under the shelf prospectus will require the filing of a prospectus supplement that will include the specific terms of the securities being offered.

No securities may be sold nor may offers to buy be accepted prior to the time at which receipts for the final base shelf prospectus are obtained from the applicable securities regulators. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

This news release does not constitute an offer to sell or the solicitation of an offer to buy in the United States and the securities referred to in this news release may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933 or pursuant to an applicable exemption from the registration requirements under the U.S. Securities Act of 1933 and applicable state securities laws.

About Miravo Healthcare                                                   

Miravo is a Canadian focused, healthcare company with global reach and a diversified portfolio of commercial products.  The Company's products target several therapeutic areas, including pain, allergy, neurology and dermatology.  The Company's strategy is to in-license and acquire growth-oriented, complementary products for Canadian and international markets.  Miravo's head office is located in Mississauga, Ontario, Canada, the international operations are located in Dublin, Ireland and the Company's manufacturing facility is located in Varennes, Québec, Canada.  The Varennes facility operates in a Good Manufacturing Practices (GMP) environment respecting the U.S., Canada and E.U. GMP regulations and is regularly inspected by Health Canada and the U.S. Food and Drug Administration.  For additional information, please visit www.miravohealthcare.com.

Forward-Looking Statements
This press release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. The Company disclaims any obligation to update these forward-looking statements. 

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SOURCE Nuvo Pharmaceuticals Inc.

FAQ

What is the purpose of Miravo Healthcare's preliminary base shelf prospectus filed on March 8, 2021?

The prospectus is filed to enhance financial flexibility and enable the company to offer securities worth up to C$40 million over 25 months.

How much can Miravo Healthcare potentially raise through the base shelf prospectus?

Miravo Healthcare can potentially raise up to C$40 million through the base shelf prospectus.

What types of securities can Miravo Healthcare offer under the base shelf prospectus?

The company may offer common shares, preferred shares, debt securities, warrants, and subscription receipts.

When will Miravo Healthcare be able to sell securities under the prospectus?

Miravo Healthcare can sell securities once they receive final receipts from the applicable securities regulators.

Are the securities offered by Miravo Healthcare available in the United States?

No, the securities cannot be offered in the U.S. without registration under the U.S. Securities Act of 1933 or an applicable exemption.