Business
Resverlogix Activates Standby Equity Distribution Agreement
Resverlogix Activates Standby Equity Distribution Agreement
About this update from Resverlogix Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, Mar. 29, 2010 (Canada NewsWire Group) -- /CNW/ -- Resverlogix Corp. (\"Resverlogix\" or the \"Company\") (TSX:RVX) announces today that it has activated its standby equity distribution agreement (\"SEDA\") with YA Global Master SPV, Ltd. (\"YA Global\"), a fund managed by Yorkville Advisors, LLC, whereby Resverlogix has the option, at its sole discretion, to issue and sell, and YA Global is committed to purchase, up to CAD $25 million of common shares from treasury.Under the SEDA, Resverlogix can draw on YA Global's commitment by submitting draw down notices from time to time. Each draw down notice is subject to a maximum amount of $500,000, as well as a minimum price below which the Company will not issue shares to YA Global. Subject to the applicable minimum price, the purchase price of the newly issued shares will be calculated based on a 5% discount of the market price of the Company's common shares; the shares will be qualified by prospectus and, as such, not subject to a hold period. The SEDA does not prevent Resverlogix from pursuing other financings and the SEDA can be terminated at any time by the Company without the payment of any additional fees. Full details of the terms and conditions of this agreement have been disclosed on SEDAR.\"As announced in December, the purpose of this financing vehicle is to provide Resverlogix with the ability to access strategic amounts of capital at its sole discretion. Resverlogix is in a nice position where we have access to readily available and flexible capital while continuing to review other finance related opportunities,\" said Donald J. McCaffrey, President and CEO of Resverlogix.\"We are very excited by our investment in Resverlogix and their novel approach and platform for development of new treatments for cardiovascular disease,\" said Dr. Michael J. Nowak, Managing Director at Yorkville Advisors, LLC.About Resverlogix Corp.Resverlogix Corp. is a leading biotechnology company engaged in the development of novel therapies for important global medical markets with significant unmet medical needs. The NexVas(TM) PR program is the Company's primary focus which is to develop novel small molecules that enhance ApoA-I. These vital therapies address the burden of atherosclerosis and other important diseases such as Acute Coronary Syndrome, Diabetes, Alzheimer's disea...