Resverlogix has announced the closing of a private placement of 3,573,333 equity units for $0.75 per unit. The company will earn gross proceeds of about $2.7 million. The company set each unit for one common share and half of a common share purchase warrant. While on every full warrant a price of $1.00 per share is is exercisable during a period of one year after the closing of private placement. The holders will keep the units for a four-month hold period.
The Company has now a total of 216,663,554 issued and outstanding common shares following the private placement. Shenzhen Hepalink Pharmaceutical Group is the holder who subscribed the all 3,573,333 units. Shenzhen Hepalink Pharmaceutical purchase warrants now represents 39.36% of the outstanding common shares after holding total 85,286,524 number of common shares and 11,466,619 common shares.
The company will use the net proceeds received from private placement in funding research and development activities, general and administrative expenses, essential working capital and other general corporate purposes.
Resverlogix is currently developing apabetalone which is a first-in-class, small molecule that is a selective BET.