Revive Therapeutics Ltd. Expands Life Offering to Quebec
Revive Therapeutics is expanding its private placement, aiming to raise between $3 million and $5 million at a price of $0.15 per Unit, which includes one common share and one common share purchase warrant. The offering will now include investors from Quebec and is expected to close in tranches by January 13, 2023. The net proceeds will be utilized for general working capital and clinical development. Finder’s fees up to 8% of gross proceeds will be paid, with the first tranche expected to close by December 30, 2022.
- Expansion of private placement to Quebec investors increases potential funding.
- Up to $5 million in gross proceeds could support clinical development.
- Offering structure includes warrants that may attract additional investment.
- The need for fundraising could signal potential liquidity issues.
- Closing is subject to regulatory approvals, posing uncertainty.
- Investment reliance on future clinical development outcomes may be risky.
TORONTO, Dec. 15, 2022 (GLOBE NEWSWIRE) -- REVIVE THERAPEUTICS LTD. (CSE: RVV; OTCQB: RVVTF) (“Revive” or the “Company”) announces that it is expanding its previously announced private placement (see November 30, 2022 press release) to investors resident in the Province of Quebec. The Company is arranging a private placement of a minimum of
Each Unit shall be comprised of one common share (“Common Share”) in the capital of the Company and one (1) Common Share purchase warrant (“Warrant”) of the Company. Each Warrant shall entitle the holder thereof to acquire one additional Common Share at a price of
There is an amended and restated offering document dated December 14, 2022 (the “Offering Document”) related to the Offering that can be accessed under the Company’s profile at www.sedar.com and on the Company’s website at https://revivethera.com. Prospective investors should read this offering document before making an investment decision. The Offering Document is available in English and in French.
As disclosed in the Offering Document, the company intends to use the net proceeds for general working capital purposes and clinical development.
In connection with the Offering, the Company will pay finder’s fees and issue finder warrants to EMD Financial Inc. as well as any other registrants participating in the Offering consisting of: (i) cash finder’s fees of up to
The Units offered as a part of the Offering shall be offered to purchasers resident in all provinces of Canada, including Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the “Listed Issuer Financing Exemption”). The Company may issue up to an aggregate of 33,333,333 Units for maximum aggregate gross proceeds of
Due to the Offering being expanded to Quebec investors, the Offering is now expected to close in one or more tranches with the first tranche anticipated to close on or before December 30, 2022. Any subsequent tranches may close on or before January 13, 2023, being the end date of the Offering. The closing is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Canadians Securities Exchange (CSE).
In addition, the Company expects to submit its Type C meeting request package to the FDA early next week.
About Revive Therapeutics Ltd.
Revive is a life sciences company focused on the research and development of therapeutics for infectious diseases and rare disorders, and it is prioritizing drug development efforts to take advantage of several regulatory incentives awarded by the FDA such as Orphan Drug, Fast Track, Breakthrough Therapy and Rare Pediatric Disease designations. Currently, the Company is exploring the use of Bucillamine for the potential treatment of infectious diseases, with an initial focus on severe influenza and COVID-19. With its acquisition of Psilocin Pharma Corp., Revive is advancing the development of Psilocybin-based therapeutics in various diseases and disorders. Revive’s cannabinoid pharmaceutical portfolio focuses on rare inflammatory diseases and the company was granted FDA orphan drug status designation for the use of Cannabidiol (CBD) to treat autoimmune hepatitis (liver disease) and to treat ischemia and reperfusion injury from organ transplantation. For more information, visit www.ReviveThera.com.
On Behalf of the Board of Directors,
“Michael Frank, CEO”
For further information, please contact:
Tel: 1 888 901 0036
Email: mfrank@revivethera.com
Website: www.revivethera.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the CSE policies) accepts responsibility for this release's adequacy or accuracy.
Cautionary and Forward-Looking Statements
This press release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Revive’s current belief or assumptions as to the outcome and timing of such future events. Forward looking information in this press release includes information with respect to the Offering and the Company’s cannabinoids, psychedelics and infectious diseases programs. Forward-looking information is based on reasonable assumptions that have been made by Revive at the date of the information and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information. Given these risks, uncertainties and assumptions, you should not unduly rely on these forward-looking statements. The forward-looking information contained in this press release is made as of the date hereof, and Revive is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking information contained herein. Reference is made to the risk factors disclosed under the heading “Risk Factors” in the Company’s annual MD&A for the fiscal year ended June 30, 2022, which has been filed on SEDAR and is available under the Company’s profile at www.sedar.com.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
FAQ
What is Revive Therapeutics' recent funding announcement?
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