Business
Resverlogix Confirms a US $20 Million Equity Financing Plan
/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US NEWSWIRE SERVICES...
About this update from Resverlogix Corp.
[{"type":"text","content":"\n\n\n\n/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR\nTHROUGH US NEWSWIRE SERVICES/\n\nFinance details allow for additional rounds totaling over US $35 million\n\nTSX Exchange Symbol: RVX\n\n\nCALGARY, March 11 /CNW/ - Resverlogix Corp. ("Resverlogix" or the\n"Corporation") (TSX:RVX) is pleased to announce today that it is finalizing an\nagreement for a US $20 million equity private placement, with a syndicate of\ninvestors ("Investors"). The terms of the agreement also contemplate an\noptional US $10 to US $15 million equity placement within six months of the\ndate of closing of the first financing.\n\n\nUnder the terms and conditions of the agreement, on closing of full\namount of the first financing (the "First Tranche") Resverlogix will issue\nunits (the "Units"), with each Unit comprising of one common share (a "Common\nShare") and 0.40 of a purchase warrant (a "Warrant") at a price of CDN $2.72\nper Unit. Each whole Warrant would entitle the holder to acquire for a period\nof five years an additional Common Share at a price of $2.72 per share. The\nprice of $2.72 was reserved with the TSX on February 5, 2009 and represents\nthe 5 day volume weighted average price ("VWAP") on that date without any\ndiscount being applied. The exact number of Units to be issued on closing will\nbe based on the CDN/US currency exchange rate on the date prior to closing.\nPursuant to Section 604(e) of the TSX Company Manual, which is described\nbelow, a fully subscribed closing cannot occur prior to March 17th, 2009,\nbeing five business days following the issue of this news release.\n\n\nIn the event that Resverlogix elects to complete a further financing\nwithin 6 months of the date of closing of the First Tranche, it would do so\nunder the terms for the second tranche (the "Second Tranche") provided for in\nthe agreement. The agreement calls for a Second Tranche of US $10-$15 million\nof units (the "Second Tranche Units"), with each Second Tranche Unit\nconsisting of one Common Share and 0.40 of a warrant (a "Second Tranche\nWarrant"). The price for each Second Tranche Unit would be equal to a twenty\npercent (20%) discount to the VWAP on the TSX of the common shares immediately\nprior to the closing date of ...