Revival Gold Inc. (TSX-V: RVG) (OTCQX: RVLGF) is pleased to announce that it has closed its previously announced non-brokered private placement of 5,000,000 units of the Company  at a price of $0.60 per Unit for aggregate gross proceeds of $3,000,000. 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 $0.80 per Warrant Share at any time for a period of twenty-four months from the closing of the Offering.

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 Offering, the Company paid commissions to certain finders of an aggregate of $28,368 in cash and 47,280 finder warrants. Each Finder Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.60 per Finder Warrant Share for a period of twenty-four months from the closing of the Offering.

The closing of the Offering 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. All dollar amounts including the symbol “$”, are expressed in Canadian dollars.

Certain insiders of the Company, namely Hugh Agro, Robert Chausse, Wayne Hubert and Michael Mansfield (collectively, the “Insiders”) subscribed to the Offering for 230,666 Units in the aggregate. This issuance of Units to the Insiders 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 Insiders 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 Inc. 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. Engineering work has been initiated on a Preliminary Feasibility Study for the potential restart of heap leach operations. Meanwhile, exploration continues, focused on expanding the 2022 Indicated Mineral Resource of 65.0 million tonnes at 1.01 g/t gold containing 2.11 million ounces of gold and Inferred Mineral Resource of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold (see Revival Gold NI-43-101 Technical Report by Wood plc dated July 13th, 2022, for further details). 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.

Revival Gold has approximately 91.9 million shares currently outstanding and a cash balance of C$3.4 million as of September 30th, 2022. All figures in this news release are in metric units.