/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US NEWSWIRE SERVICES./
TSX Exchange Symbol: RVX
CALGARY, Dec. 23 /CNW/ - Resverlogix Corp. ("Resverlogix" or the "Company") (TSX:RVX) announced today that it has entered an agreement for a $5 million equity private placement.
Under the terms and conditions of the agreement, Resverlogix will issue units (the "Units"), with each Unit comprising of one common share (a "Common Share") at a price of CDN $2.50 and one quarter (25%) of a warrant per Unit. The warrant is for two years from date of closing and is also priced at $2.50. The price of $2.50 was reserved with the TSX and represents the 5 day volume weighted average price ("VWAP") on December 17th without any discount being applied.
There are currently 39,418,139 common shares of Resverlogix outstanding. The $5 million private placement will result in the issuance of 2,000,000 common shares and reservation of a further 500,000 common shares under the warrants. The Company may, at its discretion, accept subscriptions for up to an additional 5,000,000 units at $2.50 on or before the end of January 2010 and has reserved such additional amount with the TSX. The securities issuable pursuant to the offering will be subject to applicable regulatory hold periods.
In addition to the financing news Resverlogix is pleased to announce that its President and CEO, Donald McCaffrey, will appear on BNN's Trading Day today at 2:40 pm EST.
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
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. 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 as defined under applicable Canadian securities legislation, including our statements with respect to this financing, vision to be a leader in the 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 October 31, 2009 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.
SOURCE Resverlogix Corp.
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; US Investor Relations: Susan Noonan, Managing Partner, S.A. Noonan Communications, LLC, Phone: (212) 966-3650, Email: email@example.com