Business
Resverlogix Announces $1.6 million Private Placement
/ This press release is not for dissemination in the United States or through US newswire...
About this update from Resverlogix Corp.
[{"type":"text","content":"\n\n\n/This press release is not for dissemination in the United States or\n through US newswire services./\n\n\nTSX Exchange Symbol: RVX\n\n\nCALGARY, Aug. 12, 2013 /CNW/ - Resverlogix Corp. (\"Resverlogix\" or the\n \"Company\") (TSX:RVX) today announced a private placement of 1,765,307\n units (the \"Units\") at a price of CAD$0.90 per Unit for gross proceeds\n of CAD$1,588,776 (the \"Private Placement\"). Resverlogix has received a\n signed subscription agreement from Eastern Capital Limited (\"Eastern\")\n for the entire 1,765,307 Units. Each Unit is comprised of one common\n share of Resverlogix and 0.3 of a common share purchase warrant. Each\n full warrant is exercisable at a price of CAD$0.90 for a period of five\n years. The shares are subject to a four month hold period. Completion\n of the Private Placement is subject to customary closing conditions.\n\n\nBefore giving effect to the Private Placement, Eastern holds 13,200,000\n common shares of Resverlogix, representing 17.6% of Resverlogix's\n issued and outstanding common shares. Eastern also holds 2,048,640 of\n Resverlogix's common share purchase warrants. After giving effect to\n the Private Placement, Eastern will hold 14,965,307 common shares of\n Resverlogix, representing approximately 19.4% of Resverlogix's issued\n and outstanding common shares. Eastern will also hold 2,578,232 common\n share purchase warrants of Resverlogix. Resverlogix is exempt from\n formal valuation and minority approval requirements of applicable\n securities laws on the basis that neither the fair market value of, nor\n the fair market value of the consideration for, the Private Placement\n exceeds 25% of Resverlogix's market capitalization.\n\n\nResverlogix intends to use the net proceeds from the offering to fund\n research and development activities, general and administrative\n expenses, increased working capital and for other general corporate\n purposes.\n\n\nThe securities to be issued under the offering have not been, and will\n not be, registered under the United States Securities Act of 1933, as\n amended (the \"U.S. Securities Act\"), or any state securities laws, and\n accordingly, may not be offered or sold within the United States except\n in compliance with the registration requirements of the U.S. Securities\n Act and applicable state securities requirements or pursua...