Navigation Links
Resverlogix Eliminates Sixty Percent of Remaining Debt

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

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:
(Date:10/13/2015)... Mass. and TORONTO , Oct. ... GNBT) today announced that it has entered into a non-binding ... ), a private Israeli company that has developed a proprietary ... infertile due to varicoceles. the United States ... between the ages of 25 and 44 diagnosed ...
(Date:10/13/2015)... ... October 13, 2015 , ... Proove ... to announce their partnership with the Keck Medicine of the University of ... , The T.R.O.J.A.N. Study (Therapeutic Evaluation to Research Clinical Objectives Linking Genotypic and ...
(Date:10/12/2015)... ... ... Spirax Sarco, the leader in products and services for steam system solutions ... generator . This unit is a skid mounted system that is designed to ... The CMS-C 600 generator can produce up to a maximum of 1,275 lb./hr. ...
(Date:10/12/2015)... , October 12, 2015 cell surface ... billion by 2022, according to a new report by Grand ... to rise in incidence of oncology diseases and other cell-associated ... is expected to reach USD 6.49 billion by 2022, according ... growth in demand can be attributed to rise in incidence ...
Breaking Biology Technology:
(Date:10/8/2015)... , 8. Oktober 2015 Die ... tätiges Unternehmen des Bereiches Tracking, hat heute ... der Gefängnisbehörde Virginias (Department of Corrections – ... Überwachungsdienste für alle Strafen geliefert werden, die ... , Präsident für den Amerikanischen Kontinent der ...
(Date:10/7/2015)... Connecticut , October 7, 2015 ... authentication company focused on the growing mobile commerce market ... Stanley E. Washington , former long- term executive ... of Directors. --> NXTD ) ("NXT-ID" or ... growing mobile commerce market and creator of the Wocket® ...
(Date:10/5/2015)... ) releases ... (NASDAQ: NXTD ), a biometric authentication company focused ... ) releases the following market and ... a biometric authentication company focused on the growing mobile ... ) releases the following market and ...
Breaking Biology News(10 mins):