Revive Therapeutics arranges financing, debt settlement

Executive Summary

• Revive Therapeutics Ltd. is proposing a private placement of up to 30,952,381 units at $0.021 per unit, generating gross proceeds of up to $650,000.
• The company will also settle $67,400 in existing debt by issuing 3,209,523 units to the creditor at the same price and terms as the private placement.
• Proceeds are designated for working capital and payment of trade payables, with the debt settlement intended to preserve cash for continuing operations.

Key Details

• Private Placement Size: Up to 30,952,381 units.
• Issue Price: $0.021 per unit (based on the 20-day VWAP on the Canadian Securities Exchange at the time of price protection).
• Gross Proceeds: Up to $650,000.
• Debt Settlement: $67,400 owed under an arm's-length note payable will be settled via the issuance of 3,209,523 units.
• Security Structure: Each unit consists of one common share and one common share purchase warrant.
• Warrant Terms: Each warrant entitles the holder to acquire one common share at an exercise price of $0.05 for a period of 36 months following closing.
• Use of Proceeds: Working capital and payment of certain trade payables.
• Closing Conditions: Subject to customary closing conditions; may close in one or more tranches.
• Hold Period: All securities are subject to a hold period of four months and one day from the date of issuance.

Notable Quotes

• "The company believes that it is desirable to settle the outstanding note payable by the issuance of securities in order to preserve the company's cash for continuing operations."