TSX Exchange Symbol: RVX
CALGARY, June 30, 2015 /CNW/ - Resverlogix Corp. ("Resverlogix") (TSX:RVX) announced today that holders ("Shareholders") of common shares of Resverlogix have approved the resolutions relating to: (i) a private placement to Eastern Capital Limited of 5,600,000 units at a price of $2.67 per unit (the "Eastern Private Placement"), each unit being comprised of one common share and 0.075358 common share purchase warrants, for aggregate proceeds of approximately CAD$15 million; and (ii) the amendment to Resverlogix's articles to change the rights, privileges, restrictions and conditions in respect of the Royalty Preferred Shares (the "Royalty Preferred Share Amendment"), as more particularly described in the management information circular dated May 29, 2015. Obtaining shareholder approval for the Eastern Private Placement and Royalty Preferred Share Amendment was necessary in order for Resverlogix to proceed with its previously announced licensing and equity arrangement with Shenzhen Hepalink Pharmaceutical Co., Ltd. (the "Hepalink Transaction").
The resolutions relating to the Eastern Private Placement and the Royalty Preferred Share Amendment were approved by approximately 98.0% and 98.7%, respectively, of the votes cast by Shareholders at the special meeting of Shareholders held earlier today. The Royalty Preferred Share Amendment has also been approved by Zenith Epigenetics Corp. as the sole holder of the Royalty Preferred Shares. Resverlogix expects that closing of the Hepalink Transaction and the Eastern Private Placement will occur on or before July 8, 2015.
Resverlogix Corp. is developing RVX-208, a first-in-class, small molecule selective BET bromodomain inhibitor for the potential treatment of patients with cardiovascular disease, diabetes mellitus, Alzheimer's disease, peripheral artery disease, and chronic kidney disease. RVX-208 is the only selective 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 and via Twitter https://twitter.com/resverlogix_rvx @Resverlogix_RVX.
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 Eastern Private Placement and the Hepalink Transaction. 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.