Business
Resverlogix Announces Intention to Draw Down $1 Million on Standby Equity Distribution Agreement
Resverlogix Announces Intention to Draw Down $1 Million on Standby Equity Distribution Agreement
About this update from Resverlogix Corp.
[{"type":"text","content":"\n\n\n\n May 26, 2010 (Canada NewsWire Group) -- /THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US NEWSWIRE SERVICES/\n\nTSX Exchange Symbol: RVX\n\n Resverlogix Corp. ("Resverlogix" or the "Company") (TSX:RVX) announces today it has submitted to YA Global Master SPV Ltd. ("YA") a notice of its intention to draw down $1,000,000 under its previously announced standby equity distribution agreement ("SEDA"). In accordance with the provisions of the SEDA, YA will subscribe for common shares at a price equal to 95% of the daily volume weighted average price for the common shares for each of the ten consecutive trading days during the draw down pricing period. The drawdown and issuance of shares is subject to a minimum share price of $4.00 per share, below which YA shall not be required to subscribe. Based on the minimum share, the maximum number of shares to be issued under this drawdown is 263,158 shares.\nOn April 20, 2010, Resverlogix filed a final short form base shelf prospectus, copies of which are available on SEDAR (www.sedar.com). To qualify the shares issued to YA under the draw down, Resverlogix will file a prospectus supplement to its short form base shelf prospectus immediately following settlement.\n\nAbout Resverlogix Corp.\n\nResverlogix 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 disease, Peripheral Artery Disease and other vascular disorders. Resverlogix Corp.'s common shares trade on the Toronto Stock Exchange (TSX:RVX). For further information please visit www.resverlogix.com.\n\nThis news release may contain certain forward-looking statements as defined under applicable Canadian securities legislation, including our statements with respect to the SEDA, future financings, research, development and commercialization of novel therapeutics that reduce the risk of cardiovascular disease including atherosclerosis, diabetes, Alzheimer's disease, Peripheral Artery Disease and o...