Eastern Capital Limited to acquire additional shares and warrants of Resverlogix Corp.


TORONTO, April 27, 2015 /CNW/ - Eastern Capital Limited ("Eastern") is pleased to announce that it has entered into a subscription agreement with Resverlogix Corp. ("RVX") pursuant to which Eastern has agreed to acquire 5,600,000 units issued by RVX (the "Units") by way of a private placement (the "Private Placement") at a price of Cdn.$2.67 per Unit, for an aggregate purchase price of Cdn.$14,952,000.  Each Unit entitles a holder to one common share (the "Share") of RVX plus 0.075358 of a warrant expiring five years after the closing of the Private Placement.  Each whole warrant entitles Eastern to purchase one Share of RVX at a strike price of Cdn.$2.67.

The Private Placement is part of a larger offering of Units by RVX announced on April 27, 2015 pursuant to which RVX will issue 18,870,000 Units for aggregate proceeds of Cdn$50,382,900 (the "Offering").

Eastern holds 14,965,307 Shares of RVX which represents 17.46% of the 85,699,287 Shares outstanding before giving effect to any outstanding warrants. Eastern also holds 7,578,232 common share purchase warrants of RVX. Assuming all warrants are exercised before giving effect to the Offering, Eastern would hold approximately 24.17% of the Shares of RVX. After giving effect to the Offering, assuming all warrants held by Eastern are exercised, Eastern would hold 28,565,544 Shares of RVX representing 25.38% of the issued and outstanding Shares based on Shares outstanding as at today's date.  Eastern has been advised that RVX is exempt from formal valuation and minority approval requirements of applicable securities laws in connection with the Private Placement on the basis that neither the fair market value of, nor the fair market value of the consideration for, the Private Placement exceeds 25% of RVX's market capitalization.

The Units are being acquired for investment purposes. In the future, Eastern or any of its joint actors may, subject to applicable law, acquire or dispose of securities of RVX depending upon a number of factors, including but not limited to, general market and economic conditions and other available investment opportunities.

SOURCE Eastern Capital Limited

For further information: or to obtain a copy of the early warning report, please contact William Sullivan at 345.640.3330. Eastern Capital Limited, Queensgate House, 113 South Church Street, PO Box 1994, Grand Cayman, KY1-1104, Cayman Islands

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