TSX Exchange Symbol: RVX
CALGARY, Aug. 13, 2014 /CNW/ - Resverlogix Corp. ("Resverlogix")
(TSX:RVX) announced today that holders ("Shareholders") of common
shares of Resverlogix have approved the resolution relating to: (i)
amendments to the loan and security documents among Resverlogix,
Citibank, N.A. ("Citibank") and Eastern Capital Limited ("Eastern") to
increase the loan amount from Citibank by $30 million to $68.8 million
(the "Amendment"), to indemnify Eastern for amounts drawn under letters
of credit arranged by Eastern to secure the full amount of the loan and
to grant a security interest in the patents and other assets of
Resverlogix to Eastern to secure Resverlogix's indemnity obligations;
and (ii) the issuance of 5,000,000 common share purchase warrants to
Eastern in connection with the loan transaction, as more particularly
described in the management information circular dated July 14, 2014.
The resolution was approved by approximately 99.3% of the votes cast by
Shareholders at the special meeting of Shareholders held earlier today.
The closing of the Amendment remains subject to the satisfaction or
waiver of the other conditions specified in the second amended and
restated loan agreement between Resverlogix and Citibank entered into
on July 3, 2014. Resverlogix and Citibank expect that the closing of
the Amendment will occur on or before August 18, 2014.
Resverlogix Corp. (TSX: RVX) is a clinical stage cardiovascular company
developing compounds involving a therapeutic increase in ApoA-I.
Resverlogix's RVX-208 is a first-in-class small molecule for the
treatment of atherosclerosis and other chronic diseases such as
Diabetes Mellitus and Alzheimer's disease. RVX-208 is the first 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.
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 Amendment.
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.