Revive Therapeutics Ltd. announces offering of up to $3M

Revive Therapeutics Ltd. announces that it is arranging a private placement of a maximum of 85,714,285 units, at a price of $0.035 per Unit, for gross proceeds of up to $3 million.

Each Unit shall be comprised of one common share (“Common Share”) in the capital of the Company and one-half (1/2) of a Common Share purchase warrant (“Warrant”) of the Company. Each whole Warrant shall entitle the holder thereof to acquire one additional Common Share at a price of $0.05 per Common Share for a period of thirty-six (36) months from the closing date (the “Closing Date”) of the Offering.

The company intends to use the net proceeds of the Offering for clinical work on long Covid and other possible indications, advancement of government studies, possible repayment of certain arm’s length payables, and general working capital purposes.

In connection with the Offering, the Company will pay finder’s fees and issue finder warrants to EMD Financial Inc. as well as any other registrants participating in the Offering consisting of: (i) cash finder’s fees of up to 8% of the gross proceeds of the Offering; and (ii) finder warrants entitling the holder to purchase that number of Units of the Company (the “Compensation Units”) as is equal to up to 8% of the number of Units issued pursuant to the Offering, exercisable at a price of $0.05 per Compensation Unit, for a period of eighteen (18) months following the Closing Date.

The Offering is expected to close in one or more tranches with the first tranche anticipated to close on or before February 1, 2024. The closing is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Canadian Securities Exchange (CSE). All securities issued pursuant to the Offering will be subject to a statutory hold period of four months and ‎one day.
MB Bureau