Revive Therapeutics Extends Private Placement Offering
Revive Therapeutics Ltd. (“Revive” or the “Company”) (OTCQB: RVVTF) (CSE: RVV) (FRANKFURT: 31R) has announced an extension of its previously proposed private placement offering. This initiative aims to provide up to 30,952,381 units priced at $0.021 per unit, which could yield gross proceeds of up to $650,000.
Details of the Private Placement
In early August, Revive successfully closed the first tranche of this exciting offering, distributing 2,900,000 units at the same price per unit, garnering a total of $60,900. Given this progress, the Company anticipates being able to secure an additional $589,000 through subsequent units under this private placement, showcasing the commitment and interest from stakeholders.
Structure of Each Unit
Each unit will be comprised of one common share along with one common share purchase warrant. This warrant will allow holders the opportunity to acquire an additional common share at a favorable exercise price of $0.05 for a period of 36 months following the closing. The set price per unit was determined based on the 20-day volume-weighted average price (VWAP) of the shares traded on the CSE at the time the Company secured price protection—indicating a strategic approach to this fundraising.
Use of Proceeds from the Placement
The gross proceeds generated from this private placement are earmarked for working capital, alongside the payment of various trade payables. The structure of this private placement allows for multiple closings in several tranches, giving Revive flexibility as it progresses.
Anticipated Closing Conditions
Revive is diligently preparing to close this offering as soon as possible, adhering to customary closing conditions. It's worth noting that all securities associated with the private placement will be subject to a hold period lasting four months and one day from their issuance date, ensuring regulated compliance.
About Revive Therapeutics Ltd.
Revive Therapeutics stands at the forefront of specialty life sciences, focusing on innovative therapeutics that address critical medical needs. With a strategic emphasis on drug development, the Company prioritizes leveraging FDA regulatory incentives, including Emergency Use Authorization, Orphan Drug, Fast Track, and Breakthrough Therapy designations. This positioning facilitates the rapid advancement of potential treatments.
Currently, Revive is directing substantial efforts toward unlocking Bucillamine's potential for treating infectious diseases and addressing medical countermeasures, including innovative therapies for nerve agent exposure. Additionally, Revive is pioneering research within the realms of Psilocybin and molecular hydrogen therapeutic programs, exploring groundbreaking possibilities in medical science.
Contact Information
For those seeking more information, the Company invites inquiries. You can reach out to Michael Frank, the Chief Executive Officer of Revive Therapeutics Ltd., at (tel: 1 888 901 0036). For any email communications, feel free to write to mfrank@revivethera.com. For further details, visit our website at www.revivethera.com.
Frequently Asked Questions
What is the purpose of Revive Therapeutics' private placement?
The private placement aims to raise necessary capital for working expenses and settle trade payables, effectively supporting the Company’s ongoing operations.
How many units are being offered in the private placement?
Revive is offering up to 30,952,381 units at price points structured to optimize investment and opportunity for stakeholders.
What will each unit consist of?
Each offered unit includes one common share and a warrant for one additional share at a predetermined exercise price.
What is the hold period for the securities issued in the placement?
Securities under this private placement will be subject to a hold period of four months and one day post-issuance, aligning with standard regulations.
Who can be contacted for more information?
Interested parties can contact Michael Frank, Chief Executive Officer, at the provided telephone number or through his email address for further inquiries regarding the placement.
