hummmmm,,,just read the news release on the loan advancement,,,,,,Third Eye wants to make investors believe they are partnering with RVX,,,,,,I tongue and cheek that comment........it will be tight for RVX to meet cash flow later in the next 12 months on the loan,,,,,,,,,,,it looks like RVX is self creating a difficult situation by year end here in the late stages. And of course the IP is up for grabs once again!!,,,,I dont think I have ever invested in a company where the future seems to be in continual crisis!! It is certainly clear that no deep pockets on the sideline here are drinking the DM koolaid!! The $$$ well is all but dry for RVX!! One should shudder when they read the terms of this Third Eye loan!! Good grief Charlie Brown.,,,jmo

GlobeNewswire

Resverlogix Advances US$30 Million Loan Closing Documentation

05/01/2018 7:00:00 AM

CALGARY, Alberta, May 01, 2018 (GLOBE NEWSWIRE) --  Resverlogix Corp. ("Resverlogix" or the "Company") (TSX:RVX) is pleased to update the market today that it is in the final stages of closing documentation in respect of the previously-announced 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 has a term of 12 months, is repayable in part or in whole at any time, requires payment of commitment and exit fees totaling US$1.5 million, and bears interest at 10% per annum, payable monthly in cash. The Loan is secured by a security interest in all of the Company’s assets, including its patents and other intellectual property. The Lenders will receive 3,500,000 common share purchase warrants exercisable for a term of three years at a price of $1.40 per share. Closing is scheduled to occur imminently and is subject only to satisfaction of certain customary closing conditions.

Arif N. Bhalwani, Third Eye Capital’s Chief Executive Officer and Managing Director, commented, “We are very pleased to partner with Resverlogix, providing capital to support its continued development including the BETonMACE trial.”

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