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Revival Gold Closes First Tranche of Non-Brokered Private Placement

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Revival Gold Closes First Tranche of Non-Brokered Private Placement






Revival Gold Inc. (TSX-V: RVG) (OTCQX: RVLGF) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement of up to 11,000,000 units of the Company at a price of $0.35 per Unit for aggregate gross proceeds of up to $3,850,000. 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 common share of the Company and one half of one Common Share purchase warrant. Each Warrant is exercisable into one Common Share at a price of $0.45 per Warrant Share at any time for a period of thirty-six 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 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. Each Finder Warrant entitles the holder thereof to purchase one Common 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. 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 acquired 100,000 Units under the First Tranche of the Offering. This issuance of Units to the Insider constitutes a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company is relying on an exemption from the formal valuation and minority shareholder approval requirements provided under MI 61-101 pursuant to section 5.5(a) and section 5.7(1)(a) of MI 61-101, on the basis that the participation in the Offering by the Insider does not exceed 25% of the fair market value of the Company’s market capitalization.


The securities offered pursuant to the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state security laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom.  This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.


About Revival Gold Inc.


Revival Gold is a growth-focused gold exploration and development company. The Company is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.


Beartrack-Arnett is the largest past-producing gold mine in Idaho. The Project benefits from extensive existing infrastructure and is the subject of a recent Preliminary Feasibility Study for the potential restart of open pit heap leach gold production operations.


Since reassembling the Beartrack-Arnett land position in 2017, Revival Gold has made one of the largest new discoveries of gold in the United States in the past decade. The mineralized trend at Beartrack extends for over five kilometers and is open on strike and at depth. Mineralization at Arnett is open in all directions.


Posted December 3, 2023

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