CALGARY, Alberta, Nov. 02, 2018 (GLOBE NEWSWIRE) -- Resverlogix Corp. ("Resverlogix" or the "Company") (TSX:RVX) announced today it has closed a private placement of approximately 4.5 million equity units at a price of $3.00 per unit for gross proceeds of approximately $13.5 million (US$10.3 million). Each unit was comprised of one common share and one-half (1/2) of a common share purchase warrant. Each full warrant is exercisable at a price of $3.10 per share for a period of three years from the closing of the private placement. The units are subject to a four-month hold period.

The net proceeds of the private placement will be used to fund research and development activities, including but not limited to, clinical trial activities related to the Company’s Phase 3 BETonMACE trial, general and administrative expenses, repayment of debt, working capital needs and other general corporate purposes.