Business
Resverlogix Settles Draw Down on Standby Equity Distribution Agreement
Resverlogix Settles Draw Down on Standby Equity Distribution Agreement
About this update from Resverlogix Corp.
[{"type":"text","content":"\n\n\n\n Jun. 11, 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 settled $200,000 of the previously announced draw down under its standby equity distribution agreement ("SEDA") with YA Global Master SPV Ltd. ("YA"). Under the draw down, Resverlogix issued 51,290 common shares to YA at a price of $ 3.90 per common share. In accordance with the terms of the SEDA, the common shares were issued at a discount of 5% to the volume weighted average price ("VWAP") of the common shares of Resverlogix traded on the Toronto Stock Exchange over the first two trading days following Resverlogix's notice of its intention to draw down on the SEDA on May 26, 2010.\nFollowing the completion of the issuance of shares to YA, Resverlogix has 48,828,376 shares outstanding.\nIn connection with the draw down, Resverlogix will file a prospectus supplement to its short-form base shelf prospectus to qualify the shares issued to YA. Copies of the final short-form base shelf prospectus and prospectus supplement will be filed on SEDAR (www.sedar.com).\n\nSecurities Laws Matters\n\nSecurities legislation in the provinces of British Columbia, Alberta and Ontario provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be exercised within two business days after receipt or deemed receipt of a prospectus and any amendment. The securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, revisions of the price or damages if the prospectus and any amendment are not delivered to the purchaser, provided that the remedies for rescission, revisions of the price or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province. However, such rights and remedies will not be available to purchasers of Common Shares distributed under the short form base shelf prospectus, as supplemented by the prospectus supplement relating to the draw down, because the prospectus will not be delivered to purchasers, as permitted under a decision document issued by the Alberta Securiti...