Business
Resverlogix Announces the Closing of an Additional $8 Million Financing
Resverlogix Announces the Closing of an Additional $8 Million Financing
About this update from Resverlogix Corp.
[{"type":"text","content":"\n\n\n\nJan. 28, 2010 (Canada NewsWire Group) -- CALGARY, Jan. 28 /CNW/ -- Resverlogix Corp. (\"Resverlogix\" or the \"Company\") (TSX:RVX) announced today that it has completed a CDN $8 million second tranche of its equity private placement announced on December 23, 2009.Under the terms and conditions of the private placement, Resverlogix issued units (the \"Units\") at a price of $2.50 per Unit, with each Unit comprising of one common share (a \"Common Share\") and one quarter of a warrant. Each full warrant has an exercise price of $2.50 and expires on December 18, 2011. The price of $2.50 was reserved with the TSX and represents the 5 day volume weighted average price (\"VWAP\") on December 17th without any discount being applied. This second tranche, together with the first tranche that closed on December 18, 2009, brings the total proceeds of the financing to CDN $13 million.Prior to closing of the second tranche, there were 41,418,139 common shares of Resverlogix outstanding. The $8 million private placement will result in the issuance of 3,189,250 common shares and reservation of a further 797,313 common shares under the warrants. The securities issuable pursuant to the offering will be subject to applicable regulatory hold periods.The securities to be issued under the offering have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available. This press 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 State in which such offer, solicitation or sale would be unlawful.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 disease, Peripheral Artery Disease and other vascular disorders. Resverlogix Corp. trades on the Toronto Stock Exchange (TSX:RVX). For further information please visit www....