Business
Revival Gold Closes First Tranche of Non-Brokered Private Placement
TORONTO, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to announce that it has clo
About this update from Revival Gold Inc
[{"type":"text","content":" TORONTO, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), is pleased to announce that it has closed the first tranche (the “First Tranche”) of its previously announced non-brokered private placement of up to 11,000,000 units of the Company (the “Units”) at a price of $0.35 per Unit (the “Issue Price”) for aggregate gross proceeds of up to $3,850,000 (the “Offering”). An aggregate of 6,234,644 Units were sold under the First Tranche at the Issue Price for total gross proceeds of $2,182,125. Each Unit is comprised of one (1) common share of the Company (a “Common Share”) and one half of one (0.5) Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable into one (1) Common Share (a “Warrant Share”) at a price of $0.45 per Warrant Share at any time for a period of thirty-six (36) months from the closing of the Offering. “We are pleased to have completed a first tranche of Revival Gold’s planned private placement and expect to complete the balance in December”, Hugh Agro, President & CEO. The net proceeds of the Offering will be used 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 purposes. In connection with the closing of the First Tranche, the Company paid commissions to certain finders of an aggregate of $91,038 in cash and 260,108 finder warrants (the “Finder Warrants”). Each Finder Warrant entitles the holder thereof to purchase one (1) Common Share (a “Finder Warrant Share”) at an exercise price of $0.35 per Finder Warrant Share for a period of thirty-six (36) months from the closing of the First Tranche. The Offering and the closing of the First Tranche is subject to certain conditions including, but not limited to, the receipt of all required regulatory approvals including the approval of the TSX Venture Exchange (“TSXV”). All securities issued and issuable in connection with the Offering are subject to a hold period of four months plus one day from the date of issuance. All dollar amounts including the symbol “$”, are expressed in Canadian dollars. Hugh Agro, the CEO and a director of the Company (the “Insider”) acquired 100,000 Units under the First Tranche of the Offering. This issuance of Unit...