Resverlogix in $25 million standby financing

Resverlogix has signed a standby equity distribution agreement with YA Global Master SPV, a fund managed by Yorkville Advisors, which gives Resverlogix an option to sell up to $25-million of common shares to YA.

“This agreement will provide Resverlogix with the flexibility to draw strategic amounts of capital at its discretion,” Resverlogix CEO Donald McCaffrey said in a statement.

Moreover, it will place the company in a “more comfortable position” for pursuing its development plans, notably as it enters a period of increased activity in its ApoA-I programs, he added.

Under the accord, Resverlogix (TSX:RVX) can tap YA to buy up to $500,000 of its stock in any 10-day period at a discount to the market price.  Resverlogix is not precluded from obtaining other sources of financing.  Terms and conditions will be disclosed on closing.