Revival Gold Completes Significant Financing
Revival Gold Inc. (TSXV: RVG) has successfully concluded a major financing round that has raised approximately C$29.08 million in gross proceeds. This achievement marks a pivotal moment for the company as it continues to develop its flagship assets.
Details of the Financing
The financing comprised a strategic non-brokered private placement led by EMR Capital Management Limited. EMR has acquired 32,069,531 common shares of Revival Gold at C$0.48 per share, amounting to gross proceeds of US$11.3 million. In addition, a concurrent non-brokered private placement sold 28,517,502 shares, generating approximately C$13.68 million.
Strengthening Shareholder Confidence
EMR and Dundee Corporation participated actively in this financing round. EMR will hold an approximate 11.8% interest and Dundee, through its subsidiary, Dundee Resources Limited, will hold about 5.3%. This capital increase significantly bolsters Revival Gold's balance sheet and demonstrates the market's confidence in the company's growth trajectory.
Leadership Insights
Hugh Agro, President and CEO of Revival Gold, expressed optimism about the financing, stating it enhances their balance sheet while preserving the company's assets and strategic flexibility. He welcomed EMR as a new equity partner and reiterated Dundee’s commitment as a supportive longtime shareholder, both of which are crucial for the company’s future growth.
EMR's Strategic Role
As part of the agreement with EMR, Revival Gold granted them rights that include the ability to nominate a director to the board, alongside anti-dilution rights to maintain their stake in future equity financings. Mr. Tony Manini has been chosen to represent EMR on the board, bringing extensive experience in the resource sector.
Industry Expertise of Tony Manini
Tony Manini is a well-respected geologist with over 35 years in the global resource industry. His experience spans multiple commodities across various countries. Manini’s insights will be invaluable as Revival Gold pursues its strategic objectives.
Commitment to Development
The company indicated that the net proceeds from this funding will primarily be allocated to advancing exploration and development activities at its Mercur and Beartrack-Arnett projects. Revival Gold is dedicated to maintaining high standards while ensuring effective use of investments to maximize shareholder value.
Regulatory Compliance and Future Outlook
The financing is subject to final approval from the TSX Venture Exchange, and the shares acquired under the EMR Placement will be subject to a four-month hold period. Revival Gold's common shares are traded on both the TSX Venture Exchange and the OTCQX, under the symbols RVG and RVLGF, respectively.
About Revival Gold Inc.
Revival Gold is recognized as one of the leading pure gold mine developers in the United States, focusing on the advancement of the Mercur Gold Project in Utah and the Beartrack-Arnett Gold Project in Idaho. With a strong commitment to delivering shareholder value and a clear pathway to substantial growth, Revival Gold is well-positioned to achieve its strategic goals.
Contact Information
For more information, contact Hugh Agro, President & CEO, or Lisa Ross, Vice President & CFO at Revival Gold. You can reach them at (416) 366-4100 or via email: info@revival-gold.com.
Frequently Asked Questions
What financing did Revival Gold recently complete?
Revival Gold has completed a financing round totaling approximately C$29.08 million, enhancing its balance sheet and strategic position.
Who are the new shareholders involved?
EMR Capital and Dundee Corporation are the new strategic shareholders, with EMR acquiring a significant stake in Revival Gold.
What will the proceeds from the financing be used for?
The proceeds will primarily be used for the exploration and development of Revival Gold's Mercur and Beartrack-Arnett projects.
Who is Tony Manini?
Tony Manini is the newly appointed director from EMR, with an extensive background in the global resource sector.
How are Revival Gold's shares traded?
Revival Gold's shares are traded on the TSX Venture Exchange under the symbol RVG and on the OTCQX under RVLGF.
