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Revival Gold Announces Closing of $6.2 Million Brokered Private Placement
TORONTO, May 16, 2023 (GLOBE NEWSWIRE) -- Revival Gold Inc. (TSXV: RVG) (“Revival Gold” or the “Company”), is pleased to announce the successful completion of i
About this update from Revival Gold Inc
[{"type":"text","content":" TORONTO, May 16, 2023 (GLOBE NEWSWIRE) -- Revival Gold Inc. (TSXV: RVG) (“Revival Gold” or the “Company”), is pleased to announce the successful completion of its previously announced brokered private placement for gross proceeds of C$6,159,998.00 (the “Offering”). The Offering was led by Beacon Securities Limited and Paradigm Capital Inc. (the “Agents”) as co-lead agents and joint bookrunners. Under the Offering, the Company sold 11,846,150 units (the “Units”) at a price of C$0.52 per Unit. Each Unit consisted of one common share of the Company (each, a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share (a “Warrant Share”) at an exercise price of C$0.72 per Warrant Share at any time on or before May 16th, 2026. The Company intends to use the net proceeds of the Offering to fund on-going exploration and development at the Company’s core Beartrack-Arnett Gold Project (“Beartrack-Arnett”) located in Lemhi County, Idaho and for general corporate and working capital purposes, as further described in the Company’s offering document under the Listed Issuer Financing Exemption dated May 8th, 2023. “Without unduly diluting shareholders or burdening the Company with streams, royalties or convertible debentures, Revival Gold has, in a difficult market, secured the financing necessary to advance Beartrack-Arnett through completion of an updated Mineral Resource, a PFS on the first stage restart of heap leach operations and the current field season of exploration”, said Hugh Agro, President & CEO. “I look forward to providing further updates on our progress in the months ahead”, Agro added. The Units were sold to purchasers pursuant to the listed issuer financing exemption (the “Listed Issuer Financing Exemption”) under Part 5A of National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”). The Common Shares and Warrants underlying the Units are freely tradeable and are not subject to a hold period pursuant to applicable Canadian securities laws. In consideration for their services in connection with the Offering, the Agents received (i) a cash commission of $318,275.88; (ii) a corporate finance fee of $51,000; (iii) 612,069 non-transferable compensation options (the “Agent’s Compensation Options”); and (iv) 98,70...