BELLUS Health reports results for first half of f...(9 and continuing through and including t...),Health

Date:8/11/2009

9, and continuing through and including the period to April 7, 2011 (on which date BELLUS Health shall have the right to terminate the lease (the First Termination Option)), to defer BELLUS Health' base rent by CDN$166,667 per month (the Deferred Rent). In the event BELLUS Health does not exercise its First Termination Option, the monthly deferral of the Deferred Rent will continue for an additional twelve-month period until March 31, 2012 (on which date BELLUS Health shall have the right to terminate the lease (the Second Termination Option)). The Deferred Rent shall bear interest at the rate of ten percent (10%) annually, calculated from the first date of the month when any such component of Deferred Rent becomes due and payable. Deferred Rent and the accrued interest are evidenced by promissory notes issued by BELLUS Health to its landlord on the first day of each month when such Deferred Rent becomes due. The notes are payable in cash or, at the option of BELLUS Health, through the issuance of Common Shares at the market price on the day that the notes become payable. Deferred Rent and all notes evidencing Deferred Rent shall be payable on April 7, 2011, in the event that the First Termination Option is exercised or, alternatively, on March 31, 2012. In the event that the lease is terminated under the First Termination Option or the Second Termination Option, BELLUS Health will pay the landlord a consideration of CDN$6,000,000 or CDN$5,450,000, respectively, payable in Common Shares at the then market price of the Common Shares (the Termination Option Payment). The precise amount of rent and number of Common Shares issuable upon conversion of promissory notes to be issued to the landlord will depend, among other things, on the extent to which portions of the premises are sublet or assigned to other tenants during the relevant period. Assuming that the promissory notes issued to the landlord in respect of deferred rent and interest thereon remain outstanding unti
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SOURCE BELLUS HEALTH INC. Copyright©2009 PR Newswire. All rights reserved

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