Eastern Capital Limited acquires additional shares and warrants of Resverlogix Corp.

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Aug. 12, 2013 /CNW/ - Eastern Capital Limited ("Eastern") is pleased to announce that today it has entered into a subscription agreement with Resverlogix Corp. ("RVX") pursuant to which Eastern has agreed to acquire 1,765,307 units issued by RVX (the "Units") by way of a private placement (the "Private Placement") at a price of Cdn.$0.90 per Unit, for an aggregate purchase price of Cdn.$1,588,776.  Each Unit entitles a holder to one common share (the "Share") of RVX plus 0.3 warrants expiring five years after the closing of the Private Placement. Each whole warrant entitles the holder to purchase one Share of RVX at a strike price of Cdn.$0.90.

Before giving effect to the Private Placement, Eastern holds 13,200,000 Shares of RVX, which represents approximately 17.5% of the Shares outstanding.  Eastern also holds 2,048,640 warrants of RVX.  Assuming all warrants are exercised before giving effect to the Private Placement, Eastern will hold 15,248,640 Shares of RVX, which represents approximately 19.7% of the Shares outstanding.  After giving effect to the Private Placement, Eastern will hold 14,965,307 Shares of RVX, representing approximately 19.4% of the Shares outstanding.  Eastern will also receive an additional 529,592 warrants in the Private Placement.  Assuming all warrants are exercised after giving effect to the Private Placement, Eastern will hold 17,543,539 Shares of RVX, which represents approximately 22.1% of the Shares outstanding as at August 12, 2013.  RVX is exempt from formal valuation and minority approval requirements of applicable securities laws on the basis that neither the fair market value of, nor the fair market value of the consideration for, the Private Placement exceeds 25% of RVX's market capitalization.

The Shares are acquired for investment purposes only.  In the future, Eastern or any of its joint actors may, subject to applicable law, acquire or dispose of Shares of RVX depending upon a number of factors, including general market and economic conditions and other available investment opportunities.

SOURCE: Eastern Capital Limited

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Eastern Capital Limited
Queensgate House
113 South Church Street
PO Box 1994
Grand Cayman, KY1-1104
Cayman Islands