Business
Revival Gold Responds to COVID-19 Pandemic, Withdraws Public Offering and Announces $1 Million Non-Brokered Private Placement Financing
TORONTO, March 24, 2020 (GLOBE NEWSWIRE) -- Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and
About this update from Revival Gold Inc
[{"type":"text","content":" TORONTO, March 24, 2020 (GLOBE NEWSWIRE) -- Revival Gold Inc. (TSXV: RVG, OTCQB: RVLGF) (“Revival Gold” or the “Company”), a growth‐focused gold exploration and development company, announces the following in response to the developing COVID-19 pandemic: The safety of our employees and independent contractors is paramount. Revival Gold took steps to ensure its compliance with Health Canada and Centers for Disease Control & Prevention guidelines on February 27th, 2020 and subsequently directed employees and active independent contractors to work from home and eliminate all Company-related business travel. All key personnel are accounted for and in good health. As a result of turbulent market conditions, Revival Gold, in consultation with its agents, Paradigm Capital Inc., Echelon Wealth Partners Inc. and Beacon Securities Limited, has elected to withdraw and cancel its marketed public offering of units announced on March 5th, 2020. Revival Gold has taken steps to minimize cash expenditures and tighten budgets for the foreseeable future. The Company continues to assess its operational plans for the Beartrack-Arnett Gold Project, including the potential completion of a Preliminary Economic Assessment on the re-start of heap leach operations at Beartrack. The Company announces a non-brokered private placement of 2,500,000 common shares (“Shares”) at $0.40 per Share for gross proceeds of $1 million (the “Financing”). Closing is expected on or near March 26th, 2020. Net proceeds of the Financing will be used for general corporate purposes. “Revival Gold has taken steps to ensure the safety of our people and the continuity of our business,” said Hugh Agro, President & CEO. “We understand that many are unsettled in the current environment. We have acted to mitigate the effects of COVID-19 and position the company to prosper in a world where gold has become increasingly more important to the investing public,” added Agro. Revival Gold will continue to monitor the situation and will take all necessary precautions to minimize the risk to our stakeholders. Revival Gold currently has 52,917,189 shares outstanding. The securities issued pursuant to the Financing are subject to a four month and one-day statutory hold period. The Financing is subject to receipt of approval of the TSX Venture Exchange. The securities offered pursu...