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Revitalist CEO Invests $2,332,000 in the Company’s First Tranche Financing of $3,869,000
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
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Rhea-AI Summary
Revitalist Lifestyle and Wellness Ltd. has successfully closed an initial tranche of its private placement offering, raising $3,869,000. Notably, CEO Kathryn Walker personally invested $2,332,000 in the offering and waived interest on $1,915,000 in convertible notes. The offering includes 3,869 convertible note units at a subscription price of $1,000 per unit, with each note convertible into common shares at a price of $0.15. Proceeds will be used for working capital purposes.
Positive
Successfully raised $3,869,000 through private placement.
CEO Kathryn Walker's personal investment of $2,332,000 indicates strong insider confidence.
Convertible notes offer potential for increased capital through share conversions.
Negative
None.
VANCOUVER, British Columbia--(BUSINESS WIRE)--
REVITALIST LIFESTYLE AND WELLNESS LTD. (“Revitalist” or the “Company”) (CSE: CALM) (OTCQB: RVLWF) (FSE: 4DO), one of the largest publicly listed US based ketamine assisted psychotherapy clinic operations, is pleased to announce it has closed an initial tranche of its private placement offering which was previously announced on April 6, 2022 (“Offering”) for total gross proceeds of $3,869,000. Revitalist CEO, Kathryn Walker, invested $2,332,000 into the Offering and has agreed to waive interest on $1,915,000 in convertible notes.
Revitalist CEO, Kathryn Walker, states: “I truly believe in the power of ketamine assisted psychotherapy and the core services Revitalist offers at its 9 clinics. I’ve personally performed thousands of ketamine infusions on patients since founding this business in 2018 and have witnessed firsthand the life changing impact it has. I’ve seen patients transition from treatment resistant mood disorders to living a happy and purposeful life, US Army veterans who suffer from sever post traumatic stress disorder resume a sense of calm, and patients suffering from extreme pain conditions experience relief. Outcomes like this are why Revitalist is here and why I personally invested over $2.3 million dollars to the cause.”
Pursuant to the Offering, the Company issued 3,869 convertible note units (the “Units”) at a subscription price of $1,000 per Unit, each Unit composed of (i) $1,000 in principal amount of unsecured convertible note of the Company (a “Note”) and (ii) 3,500 detachable common share purchase warrants (each warrant, a “Warrant”). Each Note matures in 36 months from the date of issuance (“Maturity Date”) and will accrue simple interest at 8% (“Interest”) per annum, payable quarterly. Each Note, and any accrued but unpaid Interest thereon, is convertible into common shares of the Company at a conversion price of $0.15 at any time prior to the Maturity Date. Each Warrant will be exercisable at $0.20 per share at any time until the date that is 24 months from the date of issuance (“Expiry Date”).
The net proceeds of the Private Placement are expected to be used by the Company for working capital purposes.
ABOUT REVITALIST LIFESTYLE AND WELLNESS LTD.
Revitalist Lifestyle and Wellness Ltd. (CSE: CALM) (OTCQB: RVLWF) (FSE: 4DO) is one of the largest publicly listed, ketamine focused clinic operations operating in the United States. Revitalist proudly offers hope to patients suffering from treatment resistant pain and mood conditions through ketamine assisted psychotherapy (‘KAP”). Each clinic enables access to psychedelic medicine, vitamin infusions and other lifestyle optimization services provided by medical professionals, mental health experts, and chronic pain specialists. Since opening their first clinic in 2018, Revitalist has provided thousands of ketamine infusions through its network of 9 clinics operating in 6 states. Its founder and CEO, Kathryn Walker, has witnessed firsthand the transformative impact of KAP and intends on offering other psychedelic treatments as they become available. For additional information and to be added to the Company’s mailing list, please click here.
On Behalf of the Board
Kathryn Walker Chief Executive Officer
Forward Looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Revitalist to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release.
Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
