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:6/23/2016)... ... June 23, 2016 , ... ... to announce the launch of their brand, UP4™ Probiotics, into Target stores nationwide. ... years, is proud to add Target to its list of well-respected retailers. This ...
(Date:6/23/2016)... -- Houston Methodist Willowbrook Hospital has signed a ... serve as their official health care provider. As ... provide sponsorship support, athletic training services, and most ... athletes and families. "We are excited ... to bring Houston Methodist quality services and programs ...
(Date:6/23/2016)... , June 23, 2016   EpiBiome , ... secured $1 million in debt financing from Silicon Valley ... up automation and to advance its drug development efforts, ... new facility. "SVB has been an incredible ... the services a traditional bank would provide," said Dr. ...
(Date:6/23/2016)... June 23, 2016 Apellis Pharmaceuticals, Inc. ... clinical trials of its complement C3 inhibitor, APL-2. ... multiple ascending dose studies designed to assess the ... subcutaneous injection in healthy adult volunteers. ... as a single dose (ranging from 45 to ...
Breaking Biology Technology:
(Date:6/22/2016)... On Monday, the Department of Homeland Security ... solutions for the Biometric Exit Program. The Request for ... (CBP), explains that CBP intends to add biometrics to ... United States , in order to deter visa ... Logo - http://photos.prnewswire.com/prnh/20160622/382209LOGO ...
(Date:6/20/2016)... -- Securus Technologies, a leading provider of civil ... investigation, corrections and monitoring announced that after exhaustive ... the final acceptance by all three (3) Department ... (MAS) installed. Furthermore, Securus will have contracts for ... October, 2016. MAS distinguishes between legitimate wireless device ...
(Date:6/15/2016)... New York , June 15, 2016 /PRNewswire/ ... a new market report titled "Gesture Recognition Market by ... and Forecast, 2016 - 2024". According to the report, ... USD 11.60 billion in 2015 and is estimated ... reach USD 48.56 billion by 2024.  ...
Breaking Biology News(10 mins):