REVIVE THERAPEUTICS LTD. (CSE: RVV OTCQB: RVVTF | FRANKFURT:31R) is pleased to announce that it has completed the closing of its previously announced private placement by issuing a total of 28,676,064 units, at a price of $0.15 per Unit, for gross proceeds of $4,301,409.
Each Unit is comprised of one common share in the capital of the Company and one (1) Common Share purchase warrant. Each Warrant entitles the holder thereof to acquire one additional Common Share, at a price of $0.20 per share, until January 12, 2026. The Units were issued to eligible purchasers pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions or in Québec pursuant to Regulation 45-106 respecting Prospectus Exemptions.
As disclosed in the offering document that was prepared in connection with the Offering, the Company intends to use the net proceeds for general working capital purposes and clinical development.
In connection with the Offering, the Company paid finder’s fees and issued finder warrants to EMD Financial Inc. as well as certain other registrants participating in the Offering consisting of an aggregate of: (i) $304,112.75 in cash; and (ii) 2,294,085 finder warrants, exercisable at a price of $0.15 per Common Share, until January 12, 2026.
As a result of the closing of the Offering, there are now 353,560,075 Common Shares issued and outstanding. The Offering is subject to final acceptance by the Canadian Securities Exchange.
About Revive Therapeutics Ltd.
Revive is a life sciences company focused on the research and development of therapeutics for infectious diseases and rare disorders, and it is prioritizing drug development efforts to take advantage of several regulatory incentives awarded by the FDA such as Orphan Drug, Fast Track, Breakthrough Therapy and Rare Pediatric Disease designations. Currently, the Company is exploring the use of Bucillamine for the potential treatment of infectious diseases, with an initial focus on severe influenza and COVID-19. With its acquisition of Psilocin Pharma Corp., Revive is advancing the development of Psilocybin-based therapeutics in various diseases and disorders. Revive’s cannabinoid pharmaceutical portfolio focuses on rare inflammatory diseases and the company was granted FDA orphan drug status designation for the use of Cannabidiol (CBD) to treat autoimmune hepatitis (liver disease) and to treat ischemia and reperfusion injury from organ transplantation.