Business
Resverlogix Corp. Shareholders Approve Additional $30 million from Citibank Loan
TSX Exchange Symbol: RVX CALGARY , Aug. 13, 2014 /CNW/ - Resverlogix Corp. ("Resve...
About this update from Resverlogix Corp.
[{"type":"text","content":"\n\n\nTSX Exchange Symbol: RVX\n\n\nCALGARY, Aug. 13, 2014 /CNW/ - Resverlogix Corp. (\"Resverlogix\")\n (TSX:RVX) announced today that holders (\"Shareholders\") of common\n shares of Resverlogix have approved the resolution relating to: (i)\n amendments to the loan and security documents among Resverlogix,\n Citibank, N.A. (\"Citibank\") and Eastern Capital Limited (\"Eastern\") to\n increase the loan amount from Citibank by $30 million to $68.8 million\n (the \"Amendment\"), to indemnify Eastern for amounts drawn under letters\n of credit arranged by Eastern to secure the full amount of the loan and\n to grant a security interest in the patents and other assets of\n Resverlogix to Eastern to secure Resverlogix's indemnity obligations;\n and (ii) the issuance of 5,000,000 common share purchase warrants to\n Eastern in connection with the loan transaction, as more particularly\n described in the management information circular dated July 14, 2014.\n\n\nThe resolution was approved by approximately 99.3% of the votes cast by\n Shareholders at the special meeting of Shareholders held earlier today.\n The closing of the Amendment remains subject to the satisfaction or\n waiver of the other conditions specified in the second amended and\n restated loan agreement between Resverlogix and Citibank entered into\n on July 3, 2014.  Resverlogix and Citibank expect that the closing of\n the Amendment will occur on or before August 18, 2014.\n\n\nAbout Resverlogix \n\n\nResverlogix Corp. (TSX: RVX) is a clinical stage cardiovascular company\n developing compounds involving a therapeutic increase in ApoA-I.\n Resverlogix's RVX-208 is a first-in-class small molecule for the\n treatment of atherosclerosis and other chronic diseases such as\n Diabetes Mellitus and Alzheimer's disease. RVX-208 is the first BET\n bromodomain inhibitor in clinical trials. Resverlogix's common shares\n trade on the Toronto Stock Exchange (TSX: RVX). For further information\n please visit www.resverlogix.com. We can be followed on our blog at http://www.resverlogix.com/blog.\n\n\nThis news release may contain certain forward-looking information as\n defined under applicable Canadian securities legislation, that are not\n based on historical fact, including without limitation statements\n containing the words \"believes\", \"anticipates\", \"plans\", \"intends\"...