Navigation Links
Resverlogix Eliminates Sixty Percent of Remaining Debt
Date:10/15/2008

Restructure allows new scientific and business development flexibility

TSX Exchange Symbol: RVX

CALGARY, Oct. 15 /PRNewswire-FirstCall/ - Resverlogix Corp. ("Resverlogix") (TSX:RVX) announced today that it has redeemed USD$10 million or approximately 60% of its remaining USD$17.3 million debenture.

Donald McCaffrey, President and CEO of Resverlogix stated, "The economic environment remains very volatile and challenging for companies around the globe. This action limits our dilution on set terms that protect shareholders value and it enhances our flexibility to proceed with our ongoing scientific and business development plans. The US $10 million redemption will consist of 2.4 million common shares with a value of US $5.5 million and US $4.5 million cash. Under the terms of the amendment, the conversion price has been amended to a five day volume weighted average price of $3.07 less 15% in exchange for debenture holders agreeing to restrict any put options until March 31, 2009. Along with the removal of future certain dilution factors the Company has also gained the option to buy out any remaining debenture at a 25% premium."

The following are key terms of the restructured convertible debenture:

- In addition to the March 31, 2009 restriction on the put option, the

ability to put to the Company in common shares has been waived by the

debt holders.

- The remaining principal balance of $278,000 carrying a 15% interest

rate from the January 2007 convertible debenture has been reduced to

12% and rolled into the remaining convertible debt instrument.

- Mandatory conversion of the entire debt at the Company's option at

$5.22, subject to certain trading conditions being met.

- The 1,467,349 outstanding warrants have been repriced to $3.07.

To assist shareholders with understanding the salient and beneficial points to this amendment Resverlogix will post key facts to SEDAR.

Rodman & Renshaw, LLC served as an advisor to the company.

The transactions are subject to TSX approval.

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 needs. The NexVas(TM) program is the Company's primary focus which is to develop novel small molecules that enhance ApoA-I. These vital therapies address the grievous burden of atherosclerosis and other important diseases such as acute coronary syndrome, diabetes, Alzheimer's disease and other vascular disorders. The Company's secondary focus is TGF-Beta Shield(TM), a program that aims to address burgeoning grievous diseases, such as cancer and fibrosis. Resverlogix Corp. trades on the Toronto Stock Exchange (TSX:RVX). For further information please visit http://www.resverlogix.com.

This news release may contain certain forward-looking statements that reflect the current views and/or expectations of Resverlogix Corp. with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly. The TSX Exchange does not accept responsibility for the adequacy or accuracy of this news release.


'/>"/>
SOURCE Resverlogix Corp.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Resverlogix Issues a Management Statement
2. Resverlogix Board of Directors Update
3. Resverlogix Notice of Conference Call & Webcast
4. Jan Gray Joins Resverlogix Board of Directors
5. Resverlogixs Lead Drug Featured in Key Scientific Publication
6. Industry Leaders Select Resverlogixs RVX-208
7. /C O R R E C T I O N from Source -- Resverlogix Corp./
8. Resverlogix Notice of Conference Call & Webcast
9. Resverlogix Share Option Extension
10. FDA Grants Resverlogix Approval to Commence a Phase 1 Clinical Trial for RVX-208
11. Resverlogix Honoured with World Economic Forum Technology Pioneer Award
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/9/2016)... ... February 08, 2016 , ... Net-Translators, an industry-leading provider ... of its revamped and improved website. In an on-going effort to further educate ... will better communicate how the company designs and delivers thorough, high-quality results for ...
(Date:2/9/2016)... ... February 09, 2016 , ... Tunnell Consulting, Inc. announced that Frédéric Lefebvre has ... focus on acquiring new accounts and work closely with existing Tunnell clients throughout Europe ... to our European clients more than 15 years of experience in the pharmaceutical industry, ...
(Date:2/9/2016)... ... February 09, 2016 , ... ... years and Open Access publishing is one of the popular publication models that ... open access journals and 3000+ International Conferences across the globe, ...
(Date:2/9/2016)... Feb. 9, 2016  DNAtrix, a clinical ... cancer, announced that its lead product, DNX-2401, ... as an orphan medicinal product for the ... of glioma, strikes approximately 25,000 people a ... http://photos.prnewswire.com/prnh/20160208/330986LOGO --> ...
Breaking Biology Technology:
(Date:1/27/2016)... 27, 2016  Rite Track, Inc. a leading semiconductor ... West Chester, Ohio announced today the acquisition ... based in Austin, Texas , will ... provide modifications, installations and technical support offerings for TEL ... PLUS, commented, "PLUS has provided world class service including ...
(Date:1/21/2016)... India , January 21, 2016 ... According to a new market research report "Emotion Detection ... and Others), Software Tools (Facial Expression, Voice Recognition ... Regions - Global forecast to 2020", published by ... is expected to reach USD 22.65 Billion by ...
(Date:1/15/2016)... , Jan. 15, 2016 Recent publicized breaches ... to find new ways to ensure data security and ... iOS and Android that ties a ... transforming it into a hardware authorization token. Customer service ... their fingerprint on their KodeKey enabled device to verify ...
Breaking Biology News(10 mins):