Resverlogix Announces Subscriptions for its Equity Financing



    
    /THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR
    THROUGH US NEWSWIRE SERVICES/

    TSX Exchange Symbol: RVX
    

    CALGARY, April 6 /CNW/ - Resverlogix Corp. ("Resverlogix" or the
"Company") (TSX:RVX) is pleased to announce today that it has executed an
agreement (the "Agreement") with a syndicate of investors, led by NGN BioMed
Opportunity II, L.P. ("NGN"), representing US $20 million, or approximately
CDN $24.7 million in subscriptions for its previously announced equity private
placement. Closing for the private placement is scheduled for tomorrow. The
terms of the Agreement also contemplate an optional US $15 million equity
placement within six months of the date of closing of the first financing.
Rodman & Renshaw, LLC, a wholly-owned subsidiary of Rodman & Renshaw Capital
Group, Inc. (Nasdaq:   RODM - News) served as the exclusive placement agent for
the offering.
    Under the terms and conditions of the Agreement for the first financing
(the "First Tranche") Resverlogix will issue units (the "Units"), with each
Unit comprising of one common share (a "Common Share") and 0.40 of a purchase
warrant (a "Warrant") at a price of CDN $2.72 per Unit. Each whole Warrant
entitles the holder to acquire for a period of five years an additional Common
Share at a price of $2.72 per share. The price of $2.72 was reserved with the
TSX on February 5, 2009 and represents the 5 day volume weighted average price
("VWAP") on that date without any discount being applied. The actual number of
shares that will be issued will be established based the CDN/US currency
exchange rate on final closing, but it is estimated to be approximately
9,100,000 common shares and 3,640,000 warrants under the current
subscriptions.
    In the event that Resverlogix elects to complete a further financing
within 6 months of the date of closing of this First Tranche, it would do so
under the terms for the second tranche (the "Second Tranche") provided for in
the Agreement. The Agreement calls for a Second Tranche of US $15 million of
units (the "Second Tranche Units"), with each Second Tranche Unit consisting
of one Common Share and 0.40 of a warrant (a "Second Tranche Warrant"). The
price for each Second Tranche Unit would be equal to a twenty percent discount
to the VWAP on the TSX of the common shares immediately prior to the closing
date of the Second Tranche. The exercise price of each full Second Tranche
Warrant would be equal to the same 5 day VWAP, but without a discount. The
warrants under both tranches contain certain anti-dilution provisions,
including a weighted average price adjustment should RVX complete another
financing (other than the Second Tranche) at a price below the exercise price
of such warrants.
    There are currently 30,152,660 common shares of Resverlogix outstanding.
The issuance of shares for this financing represents dilution of thirty
percent without taking into account exercise of the warrants and forty-two
percent assuming full exercise of the warrants. Should the Second Tranche be
completed, the number of Second Tranche Units issued would be dependant on the
then 5 day VWAP and foreign exchange rate. Completion of the First Tranche has
not resulted in the creation of any new insider of the Company. However since
the exact allocation among Investors is not yet fixed and it is possible that
an Investor could, however, acquire more than 10 percent of the outstanding
shares of Resverlogix the Second Tranche is completed and it acquires
sufficient Second Tranche Units.
    "This is very good news for the Company and shareholders. We are making
great strides in our science and current clinical trial and now we have
reached our financing goal despite the harsh climate that exists in the
financial sector," stated Donald J. McCaffrey, President and CEO of
Resverlogix Corp. "We are especially happy that such a highly regarded and
successful biomedical specialty fund such as NGN has taken such a substantial,
long-term investment in Resverlogix," added McCaffrey.
    As previously announced by Resverlogix, the Company relied upon Section
604(e) of the TSX Company Manual in order to facilitate this financing. As a
matter of proper disclosure and full transparency Resverlogix is obligated to
state that having relied upon Section 604 (e), TSX initiated a delisting
review of the Company. The TSX has identified that the delisting criteria
applicable to the Company is "Financial condition and/or operating results".
The Company believes that, upon completion of the offering, it will be able to
satisfy TSX that it meets all TSX listing requirements.
    In addition to the foregoing, the Company has renegotiated various terms
of its outstanding notes of approximately US $7.2 million held by certain
investors under the private placement. These notes currently provide for,
among other things, an interest rate of twelve percent per annum, a put right
of the holders that allow them to put the notes for cash and a redemption
right of the Company that allows the Company to redeem the notes for cash.
Under the revised terms of the notes, the investors and the Company have
agreed to suspend their respective put and redemption rights for a period of
six months from the date of closing of the placement and to increase the
interest rate on the notes to eighteen percent per annum.
    The securities to be issued under the offering have not been registered
under the U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States unless registered under the Act or unless an
exemption from registration is available. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities in any State in which such offer,
solicitation or sale would be unlawful.
    In unrelated news Dr Roger Newton will be shifting from Resverlogix's
Board of Directors to its Clinical Advisory Board. Resverlogix looks forward
to his continued support and counsel.

    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 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 grievous 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. trades on the Toronto Stock Exchange (TSX:RVX). For further information
please visit www.resverlogix.com.

    This news release may contain certain forward-looking statements that
reflect the current views and/or expectations of Resverlogix Corp. with
respect to its performance, business and future events. Such statements are
subject to a number of risks, uncertainties and assumptions. Actual results
and events may vary significantly. The TSX Exchange does not accept
responsibility for the adequacy or accuracy of this news release.

    %SEDAR: 00019253E




For further information:

For further information: Theresa Kennedy, VP, Corporate Communications,
Resverlogix Corp., Phone: (604) 538-7072, Fax: (403) 256-8495, Email:
Theresa@resverlogix.com; Donald McCaffrey, President & CEO, Resverlogix Corp.,
Phone: (403) 254-9252, Fax: (403) 256-8495, Email: Don@resverlogix.com


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