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Resverlogix (TSX:RVX) announced today it has closed a private placement of approximately 10.4 million equity units at a price of $2.50 per unit for gross proceeds of approximately $26 million (US$20 million), based on an agreed discount to the 5-day volume weighted average price of the Company’s shares between July 30 and August 3, 2018. …
Resverlogix (TSX:RVX) announced today it has closed a private placement of approximately 10.4 million equity units at a price of $2.50 per unit for gross proceeds of approximately $26 million (US$20 million), based on an agreed discount to the 5-day volume weighted average price of the Company’s shares between July 30 and August 3, 2018.
As quoted in the press release:
Each unit will be comprised of one common share and one-half (1/2) of a common share purchase warrant. Each full warrant will be exercisable at a price of $3.00 per share for a period of three years from the closing of the private placement. The units will be 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.