CALGARY, Alberta, April 11, 2018 (GLOBE NEWSWIRE) -- Resverlogix Corp. ("Resverlogix" or the "Company") (TSX:RVX) is pleased to announce today that it has accepted a commitment letter for a US$30 million senior secured loan (the “Loan”) with Third Eye Capital, one of Canada’s largest alternative lending firms, acting as agent for a syndicate of lenders (the “Lenders”). The Loan will have a term of 12 months, be repayable in part or in whole at any time, require payment of commitment and exit fees totaling US$1.5 million, and will bear interest at 10% per annum, payable monthly in cash. The Lenders will be entitled to receive 3,500,000 common share purchase warrants exercisable for a term of three years at a price of $1.77 per share, subject to regulatory approval. Final details will be announced upon closing which is anticipated to occur at the end of April 2018 but remains conditional upon receipt by the Lenders of certain final deliverables, including the execution of definitive loan and security documentation.  

The Company also announces today that it has closed private placements for gross proceeds totaling approximately $3.2 million, consisting of approximately 1,800,000 shares at a weighted-average price of $1.78 per share.

“This is a significant financing step for Resverlogix as we advance toward the completion of the critical Phase 3 BETonMACE trial which is expected to unlock the true financial potential of the Company’s epigenetic technology. Trial results will provide major data sets on cardiovascular impact on diabetic patients, renal function and effects on chronic kidney disease patients as well as cognitive function effects in all patients over the age of 70,” stated Donald J. McCaffrey, President and CEO.