Revive Therapeutics Ltd. Expands Life Offering to Quebec

REVIVE THERAPEUTICS LTD. (CSE: RVV; OTCQB: RVVTF) announces that it is expanding its previously announced private placement (see November 30, 2022 press release) to investors resident in the Province of Quebec. The Company is arranging a private placement of a minimum of $3 million and a maximum of $5 million of units at a price of $0.15 per Unit. The Offering is being led by EMD Financial Inc.

Each Unit shall be comprised of one common share in the capital of the Company and one (1) Common Share purchase warrant of the Company. Each Warrant shall entitle the holder thereof to acquire one additional Common Share at a price of $0.20 for a period of thirty-six (36) months from the closing date of the Offering.

There is an amended and restated offering document dated December 14, 2022 related to the Offering that can be accessed under the Company’s profile at www.sedar.com and on the Company’s website at https://revivethera.com. Prospective investors should read this offering document before making an investment decision. The Offering Document is available in English and in French.

As disclosed in the Offering Document, the company intends to use the net proceeds for general working capital purposes and clinical development.

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 in an amount equal to up to 8% of the number of Units issued pursuant to the Offering, exercisable at a price of $0.15 per Common Share for a period of thirty-six (36) months following the Closing Date.

The Units offered as a part of the Offering shall be offered to purchasers resident in all provinces of Canada, including Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106. The Company may issue up to an aggregate of 33,333,333 Units for maximum aggregate gross proceeds of $5,000,000 under the Listed Issuer Financing Exemption. Units offered under the Listed Issuer Financing Exemption will not be subject to resale restrictions pursuant to applicable Canadian securities laws.

Due to the Offering being expanded to Quebec investors, the Offering is now expected to close in one or more tranches with the first tranche anticipated to close on or before December 30, 2022. Any subsequent tranches may close on or before January 13, 2023, being the end date of the Offering. 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 Canadians Securities Exchange (CSE).

In addition, the Company expects to submit its Type C meeting request package to the FDA early next week.

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.