- Revival Gold (TSXV:RVG) will undertake a C$3.2 million non-brokered private placement with Dundee Corporation (TSX:DC.A) through its wholly owned subsidiary, Dundee Resources
- The company will use the funds to continue developing over 6 million ounces of gold resources across its flagship properties
- Revival Gold is one of the largest pure-play gold mine developers in the United States
- Revival Gold stock has added 6.06 per cent year-over-year but remains down by 58.82 per cent since 2020
Revival Gold (TSXV:RVG) will undertake a C$3.2 million non-brokered private placement with Dundee Corporation (TSX:DC.A) through its wholly owned subsidiary, Dundee Resources.
Revival will allocate the proceeds to ongoing project development, as well as general working capital and corporate purposes. The company is currently splitting its time between:
- Advancing engineering and economic studies on its Mercur gold project in Utah, which houses 1.64 million ounces of gold inferred.
- Advancing mine permitting and ongoing exploration at its Beartrack-Arnett gold project in Idaho, which houses 2.42 million ounces of gold measured and indicated and 2.19 million ounces of gold inferred.
The investment aligns the junior miner with Dundee Corp.’s “team of mining, finance and ESG professionals, including president and chief executive officer (CEO), Jonathan Goodman,” who “have played key roles in the creation of some of the world’s most successful precious metals businesses including Repadre Capital, Dundee Precious Metals and Sabina Gold & Silver,” Hugh Agro, Revival Gold’s president and CEO, said in a statement.
In addition to the financing, Revival will collaborate on metallurgical studies using proprietary technologies developed by Dundee Resources’ subsidiary, Dundee Sustainable Technologies.
Financing details
Dundee Resources will purchase 10 million Revival Gold units for C$0.32 per unit, with each unit consisting of one common share and one-half of one common share purchase warrant, and each warrant entitling the owner to purchase an additional share for C$0.45 for 24 months from issuance.
According to Wednesday’s news release, the investment grants the subsidiary a 5 per cent stake in Revival on a non-diluted basis, but the right to maintain pro-rata share in future financings extends for only six months.
The deal is expected to close by February 28, 2025.
About Revival Gold
Revival Gold is one of the largest pure-play gold mine developers in the United States.
Revival Gold stock (TSXV:RVG) last traded at C$0.35 per share. The stock has added 6.06 per cent year-over-year but remains down by 58.82 per cent since 2020.
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(Top photo from drilling at the Mercur project: Revival Gold)