Revive Therapeutics just release the closing of brokered private placement despite the difficult pandemic conditions :
TORONTO, March 18, 2020 (GLOBE NEWSWIRE) — Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV), a cannabis and psychedelic life sciences company, is pleased to announce that further to its press release of February 11, 2020, it has closed a private placement of 33,535,000 units (“Units”) at a price of $0.05 per Unit for gross proceeds of $1,676,750 (the “Offering”). Hampton Securities Limited acted as sole lead agent (the “Agent”) in connection with the Offering.
Each Unit consists of one common share (“Share”) in the capital of the Company and one common share purchase warrant (“Warrant”). Each Warrant entitles the holder thereof to acquire one common share of the Company (each a “Warrant Share”) at a price of $0.07 per Warrant Share at any time until March 18, 2023.
VISIT REVIVE THERAPEUTICS PROFILE | HERE
Pursuant to the Offering, Revive paid the Agent a cash commission of $150,907.50, a corporate finance fee of $22,600 and issued the Agent 3,018,150 non-transferable broker warrants (the “Broker Warrants”). Each Broker Warrant entitles the Agent to purchase one unit of the Company (each a “Compensation Unit”) at the price of $0.05 per Compensation Unit at any time until March 18, 2022.
Each Compensation Unit is comprised of one common share in the capital of the Company and one common share purchase warrant (each a ”Compensation Unit Warrant”). Each Compensation Unit Warrant shall entitle the holder thereof to purchase one common share in the capital of the Company (each a “Compensation Warrant Share”) at a price of $0.07 per Compensation Warrant Share at any time until March 18, 2023.
The Company intends to use the net proceeds of the Offering for general corporate purposes.
All securities issued pursuant to the Offering are subject to a statutory hold period of four months and one day.
“Given the current financial situation brought about by the COVID-19 pandemic, it is a testament to the core business of the Company in closing the Offering,”– said Michael Frank, Revive’s Chief Executive Officer
“The proceeds from the Offering will enable the Company to continue and broaden its research and development initiatives. Revive has a portfolio of core IP that can address a variety of unmet medical needs.”
This press release shall not constitute an offer for the sale of securities, nor a solicitation for offers to buy securities in any jurisdiction. The securities referred to in this press release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
About Revive Therapeutics Ltd.
Revive is a company focused on the research, development and commercialization of novel psychedelic and cannabinoid-based life sciences products. Revive’s cannabinoid technology is being advanced to fill the medical needs for diseases and disorders such as pain, inflammation, and wound care. Revive’s cannabinoid pharmaceutical portfolio focuses on rare inflammatory areas such as liver disease. The company has been granted FDA orphan drug status designation for the use of CBD to treat auto-immune hepatitis (liver disease) and FDA orphan drug status designation for the use of CBD to treat ischemia and reperfusion injury from organ transplantation. With its recent acquisition of Psilocin Pharma Corp., Revive will advance Psilocybin-based therapeutics in various diseases and disorders and will prioritize development efforts to take advantage of a number of regulatory incentives awarded by the FDA such as Orphan Drug, Fast Track, Breakthrough Therapy and Rare Pediatric Disease designations.
Why Revive Therapeutics is so undervalued ?
Revive Therapeutic | RVV just acquire Psilocin Pharma Corp who has novel methods of production of Psilocybin-based formulations with six unique formulations for both natural and synthetically derived Psilocybin.
RVV has a market value of only $8 Million.
Revive Therapeutic | RVV targets Mental Health (450mm population), eating Disorders (70mm population) and addiction (240mm population)
In addition, Revive Therapeutic has 4 Exclusive licenses to patents in delivery system and liver disease and 2 FDA orphan drug designation for CBD in treatment of AIH and prevention IRI from solid organ transplantation. A market of more than $180 billion.
View the profile of Revive Therapeutic | HERE
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