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Revive Therapeutics Ltd. Announces Closing of the First Tranche of Its Private Placement for Gross Proceeds of $913,500

ORONTO, Jan. 31, 2024 (GLOBE NEWSWIRE) -- REVIVE THERAPEUTICS LTD. (CSE: RVV; OTCQB: RVVTF) (“Revive” or the “Company”) announces that it has completed the first tranche of its previously announced private placement (see January 24, 2024 press release) (the “Offering”) by issuing 26,100,000 units (each, a “Unit”), at a price of $0.035 per Unit, for gross proceeds of $913,500.

Each Unit consisted of one common share (“Common Share”) in the capital of the Company and one-half (1/2) of a Common Share purchase warrant (“Warrant”) of the Company. Each whole Warrant entitles the holder thereof to acquire one additional Common Share at a price of $0.05 per Common Share for a period of thirty-six (36) months from the closing date (the “Closing Date”) of the Offering.

The company intends to use the net proceeds of the Offering for clinical work on long COVID and other possible indications, advancement of government studies, possible repayment of certain arm’s length payables, and general working capital purposes.

In connection with the Offering, the Company paid finder’s fees and issued finder warrants to Canaccord Genuity Corp. and EMD Financial Inc. consisting of an aggregate of $73,080 in cash and 2,088,000 finder warrants entitling the holders to purchase up to an aggregate of 2,088,000 Units of the Company (the “Compensation Units”), at a price of $0.05 per Compensation Unit, for a period of eighteen (18) months following the Closing Date.

All securities issued pursuant to the Offering are subject to a statutory hold period of four months and ‎one day expiring on June 1, 2024.

About Revive Therapeutics Ltd.

Revive Therapeutics 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 Emergency Use Authorization, Orphan Drug, Fast Track, and Breakthrough Therapy designations. Currently, the Company is exploring the use of Bucillamine for the potential treatment of public health medical emergencies and rare inflammatory disorders. Revive is also advancing the development of Psilocybin-based therapeutics through various programs. For more information, visit

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