Revival Gold Inc. announced a non-brokered private placement to issue 15,000,000 units at issue price of CAD 0.65 per unit for gross proceeds of CAD 9,750,000 on January 14, 2022. The transaction will include participation from new investor, Donald Smith Value Fund, L.P., a fund managed by Donald Smith & Co., Inc. Each unit will consist of one common share of the company and one half of one common share purchase warrant. Each whole warrant is exercisable into one common share at a price of CAD 0.90 at any time for a period of two years following the closing of the financing.

The financing will include an over-allotment option pursuant to which the company may offer for sale up to an additional 3,000,000 units at the issue price, exercisable in whole or in part at any time up to the closing of the financing. If the over allotment option is fully exercised, the total gross proceeds of the financing would be approximately CAD 11,700,000. The company may pay finders fees to eligible finders in connection with the transaction in accordance with the policies of the TSX Venture Exchange.

The securities issuable pursuant to the financing will be subject to a four month and one-day statutory hold period in accordance with applicable securities laws. The financing is subject to the receipt of all necessary regulatory approvals, including the approval of the Exchange. The transaction is expected to close on or about January 25, 2022.