Resverlogix Announces Intention to Draw Down $1 Million on Standby Equity Distribution Agreement
/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US NEWSWIRE SERVICES/
TSX Exchange Symbol: RVX
CALGARY, May 26 /CNW/ - Resverlogix Corp. ("Resverlogix" or the "Company") (TSX:RVX) announces today it has submitted to YA Global Master SPV Ltd. ("YA") a notice of its intention to draw down $1,000,000 under its previously announced standby equity distribution agreement ("SEDA"). In accordance with the provisions of the SEDA, YA will subscribe for common shares at a price equal to 95% of the daily volume weighted average price for the common shares for each of the ten consecutive trading days during the draw down pricing period. The drawdown and issuance of shares is subject to a minimum share price of $4.00 per share, below which YA shall not be required to subscribe. Based on the minimum share, the maximum number of shares to be issued under this drawdown is 263,158 shares.
On April 20, 2010, Resverlogix filed a final short form base shelf prospectus, copies of which are available on SEDAR (www.sedar.com). To qualify the shares issued to YA under the draw down, Resverlogix will file a prospectus supplement to its short form base shelf prospectus immediately following settlement.
About Resverlogix Corp.
Resverlogix Corp. is a leading biotechnology company engaged in the development of novel therapies for important global medical markets with significant unmet medical needs. The NexVas(TM) PR program is the Company's primary focus which is to develop novel small molecules that enhance ApoA-I. These vital therapies address the burden of atherosclerosis and other important diseases such as Acute Coronary Syndrome, Diabetes, Alzheimer's disease, Peripheral Artery Disease and other vascular disorders. Resverlogix Corp.'s common shares trade on the Toronto Stock Exchange (TSX:RVX). For further information please visit www.resverlogix.com.
This news release may contain certain forward-looking statements as defined under applicable Canadian securities legislation, including our statements with respect to the SEDA, future financings, research, development and commercialization of novel therapeutics that reduce the risk of cardiovascular disease including atherosclerosis, diabetes, Alzheimer's disease, Peripheral Artery Disease and other vascular diseases. These forward-looking statements contained herein 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. 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 known and unknown risks and uncertainties including but not limited to those associated with the success of research and development programs, clinical trial programs including possible delays in patient recruitment, the regulatory approval process, competition, securing and maintaining corporate alliances, market acceptance of the Company's products, the availability of government and insurance reimbursements for the Company's products, the strength of intellectual property, financing capability, the potential dilutive effects of any financing, reliance on subcontractors and key personnel and additional risk factors discussed in other documents we file from time to time with securities authorities, which are available through SEDAR at www.sedar.com. Additionally, risks and uncertainties are discussed in detail in the January 31, 2010 MD&A. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement are made as of the date hereof. The Company 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. The TSX Exchange does not accept responsibility for the adequacy or accuracy of this news release.
%SEDAR: 00019253EFor further information: Theresa Kennedy, VP, Corporate Communications, Resverlogix Corp., Phone: (604) 538-7072, Fax: (403) 256-8495, Email: Theresa@resverlogix.com; Sarah Zapotichny, Manager, Investor Relations, Resverlogix Corp., Phone: (403) 254-9252, Fax: (403) 256-8495, Email: Sarah@resverlogix.com