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Resverlogix Provides Update Regarding Two-Year Extension of Debenture and Elimination of Conversion Privileges
Calgary, Alberta--(Newsfile Corp. - July 16, 2024) - Resverlogix Corp. (TSX: RVX) ("Resverlo...
About this update from Resverlogix Corp.
[{"type":"text","content":"\nResverlogix Provides Update Regarding Two-Year Extension of Debenture and Elimination of Conversion PrivilegesCalgary, Alberta--(Newsfile Corp. - July 16, 2024) - Resverlogix Corp. (TSX: RVX) (\"Resverlogix\" or the \"Company\") announced it has entered into definitive transaction documents for the two-year extension of the Company's US$6.0 million secured convertible debenture (the \"Debenture\") with Shenzhen Hepalink Pharmaceutical Group Co., Ltd. (\"Hepalink\") (and payment of accrued interest thereon), extending the maturity date to May 13, 2026. As previously announced, in connection with the extension, Hepalink's conversion privileges have been eliminated and the interest rate has been amended from 12% to 18% per annum, commencing on May 14, 2024. The amendments to the Debenture also require Resverlogix to provide additional reporting to Hepalink and continue normal business operations. The amendment is subject to customary closing conditions and approval of the Toronto Stock Exchange and shareholders of Resverlogix, in accordance with TSX requirements. Hepalink agreed to forbear from enforcing the Debenture provided that, among other conditions, shareholder approval for the amendments to the Debenture is obtained. Shareholders will be asked to approve the amendments to the Debenture at Resverlogix's annual and special meeting of shareholders on July 31, 2024.About ResverlogixFounded in 2001, Resverlogix is a Calgary based late-stage biotechnology company, and a world leader in epigenetics, with the goal of developing first-in-class therapies for the benefit of patients with chronic disease.Resverlogix is developing a new class of epigenetic therapies designed to regulate the expression of disease-causing genes. We aim to improve patients' lives by restoring biological functions - altered by serious illnesses such as cardiovascular disease - back to a healthier state.The Company's clinical program is focused on evaluating the lead epigenetic candidate apabetalone for the treatment of cardiovascular disease, associated comorbidities, and post COVID-19 conditions.Resverlogix has partnered with EVERSANA™, the pioneer of next generation commercial services to the global life sciences industry, to support the rapid commercialization of apabetalone for cardiovascular disease, post COVID-19 conditions, and pulmonar...