Revival Gold Inc. (TSX-V: RVG) (OTCQX: RVLGF) is pleased to announce that further to its press release dated November 30, 2023 it has closed the second and final tranche of its previously announced non-brokered private placement. An aggregate of 2,994,485 units were sold under the Final Tranche at a price of $0.35 per Unit for gross proceeds of $1,048,070. This brings the total number of Units sold in the Offering to 9,229,129 for aggregate gross proceeds of $3,230,195.

Each Unit is comprised of one  common share of the 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 this private placement and look forward to releasing further exploration results in the weeks ahead,” Hugh Agro, President & CEO.

The net proceeds of the Offering are expected to 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 Final Tranche, the Company paid commissions to certain finders of an aggregate of $5,250 in cash and 15,000 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 months from the closing of the Second Tranche.

The Offering and the closing of the Final 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 were distributed pursuant to the “accredited investor” and “minimum amount investment” exemptions under National Instrument 45-106 – Prospectus Exemptions in certain provinces of Canada, and 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.

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.