Revive Therapeutics proposes $1M private placement

Revive Therapeutics Ltd. (OTCQB: RVVTF) (CSE: RVV) is proposing a private placement of up to 31,250,000 units at $0.032 per unit, seeking gross proceeds of up to approximately $1,000,000, according to a company statement.

Each unit will consist of one common share and one common share purchase warrant. Each warrant will allow the holder to acquire one additional common share at an exercise price of $0.05 for 36 months following the closing date. The unit price is based on the 20-day volume-weighted average price of shares traded on the Canadian Securities Exchange.

Finders involved in the placement will receive a cash fee of 8% of gross proceeds raised, along with broker warrants equal to 8% of the number of units issued. Each broker warrant carries the same $0.05 exercise price and 36-month term.

The company said proceeds will be used for working capital. The placement may close in one or more tranches, and all securities issued will be subject to a hold period of four months and one day from the date of issuance.

Revive Therapeutics is a Toronto-based life sciences company focused on infectious diseases and medical countermeasures, currently exploring uses for its drug Bucillamine across several conditions including long COVID and nerve agent exposure.

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