Revive Therapeutics closes $60,900 private placement first tranche

Revive Therapeutics Ltd. (OTCQB: RVVTF) (CSE: RVV) (FRANKFURT: 31R) completed the first tranche of its private placement offering, raising $60,900 through the issuance of 2.9 million units priced at $0.021 each, according to a company statement.

The company also settled $67,400 in debt by issuing 3.2 million additional units at the same price. Each unit consists of one common share and one warrant that allows the holder to purchase another common share at $0.05 within 36 months.

Revive plans to use the proceeds for working capital and paying trade payables. The company said it chose to settle the debt through securities issuance to preserve cash for operations.

In connection with the offering, Revive issued 100,000 compensation options to an investment dealer. These options allow the purchase of compensation units at $0.05 each for 18 months. Each compensation unit includes one common share and half of a warrant exercisable at $0.05 for 36 months.

All securities issued are subject to a hold period expiring December 9, 2025.

The Toronto-based company develops therapeutics for medical needs, with current programs focused on Bucillamine for infectious diseases, psilocybin treatments, and molecular hydrogen therapies.

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