Resverlogix Corp. Shareholders Approve Additional $30 million from Citibank Loan
TSX Exchange Symbol: RVX
CALGARY, Aug. 13, 2014 /CNW/ - Resverlogix Corp. ("Resverlogix") (TSX:RVX) announced today that holders ("Shareholders") of common shares of Resverlogix have approved the resolution relating to: (i) amendments to the loan and security documents among Resverlogix, Citibank, N.A. ("Citibank") and Eastern Capital Limited ("Eastern") to increase the loan amount from Citibank by $30 million to $68.8 million (the "Amendment"), to indemnify Eastern for amounts drawn under letters of credit arranged by Eastern to secure the full amount of the loan and to grant a security interest in the patents and other assets of Resverlogix to Eastern to secure Resverlogix's indemnity obligations; and (ii) the issuance of 5,000,000 common share purchase warrants to Eastern in connection with the loan transaction, as more particularly described in the management information circular dated July 14, 2014.
The resolution was approved by approximately 99.3% of the votes cast by Shareholders at the special meeting of Shareholders held earlier today. The closing of the Amendment remains subject to the satisfaction or waiver of the other conditions specified in the second amended and restated loan agreement between Resverlogix and Citibank entered into on July 3, 2014. Resverlogix and Citibank expect that the closing of the Amendment will occur on or before August 18, 2014.
Resverlogix Corp. (TSX: RVX) is a clinical stage cardiovascular company developing compounds involving a therapeutic increase in ApoA-I. Resverlogix's RVX-208 is a first-in-class small molecule for the treatment of atherosclerosis and other chronic diseases such as Diabetes Mellitus and Alzheimer's disease. RVX-208 is the first BET bromodomain inhibitor in clinical trials. Resverlogix's common shares trade on the Toronto Stock Exchange (TSX: RVX). For further information please visit www.resverlogix.com. We can be followed on our blog at http://www.resverlogix.com/blog.
This news release may contain certain forward-looking information as defined under applicable Canadian securities legislation, that are not based on historical fact, including without limitation statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. In particular, this news release includes forward looking information relating to the closing of the Amendment. Our actual results, events or developments could be materially different from those expressed or implied by these forward-looking statements. We can give no assurance that any of the events or expectations will occur or be realized. By their nature, forward-looking statements are subject to numerous assumptions and risk factors including the assumption that all necessary regulatory and third party approvals will be obtained and the assumptions and risk factors discussed in our Annual Information Form and most recent MD&A which are incorporated herein by reference and are available through SEDAR at www.sedar.com. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement and are made as of the date hereof. Resverlogix disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Donald J. McCaffrey
President and CEO
SOURCE Resverlogix Corp.