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TSX Exchange Symbol: RVX
CALGARY, Nov. 18 /CNW/ - Resverlogix Corp. ("Resverlogix" or the "Company") (TSX:RVX) announced today it's Board of Directors has approved a plan authorizing the Company to repurchase outstanding convertible notes of up to US $6.728 million, commencing December 3rd 2009. Pursuant to the terms and conditions of the existing notes, the Company is required to give noteholders a notice period of ten business days prior to redemption in which the notice period commences today. The repurchase is based on a redemption price of $3.26, representing a 25% premium to the noteholders' conversion price of $2.61. The actual principal amount of debentures to be repurchased by the Company will depend, in part, on the aggregate principal amount of debentures outstanding at the time of repurchase.
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 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 future financings, the success of research and development programs. Additionally, risks and uncertainties are discussed in detail on page 22 of the July 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; Donald McCaffrey, President & CEO, Resverlogix Corp., Phone: (403) 254-9252, Fax: (403) 256-8495, Email: Don@resverlogix.com