Revive Therapeutics Ltd (CSE:RVV, OTCQB:RVVTF) said it is expanding its previously announced private placement to investors in the province of Quebec with proceeds to be used for general working capital purposes and clinical development.
The company said the private placement, led by EMD Financial Inc, will be between a minimum of $3 million and a maximum of $5 million of units at a price of $0.15 per unit.
Each unit will be comprised of one share and one share purchase warrant that entitles the holder to acquire an additional share at a price of $0.20 for a period of 36 months from the closing date of the offering.
READ: Revive Therapeutics says arranging private placement of up to $5M of units at a price of 15 cents each
Revive noted in connection with the offering, it will pay finder’s fees and issue finder warrants to EMD Financial Inc and other registrants participating in the offering.
This consists of cash finder’s fees of up to 8% of the gross proceeds of the offering and finder warrants in an amount equal to up to 8% of the number of units issued pursuant to the offering, exercisable at a price of $0.15 per share for a period of 36 months following the closing date.
With the offering being expanded to Quebec investors, the company noted that the financing was now expected to close in one or more tranches, with the first tranche expected to close on or before December 30, 2022.
Any subsequent tranches may close on or before January 13, 2023, the end date of the offering.
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.
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