Revival Gold Inc - President & CEO, Hugh Agro
President & CEO, Hugh Agro
Source: The Northern Miner
  • Exploration company, Revival Gold (TSXV:RVG), is withdrawing its public offering due to COVID-19’s ongoing economic impact
  • The company hoped to raise C$5 million through the arrangement to further development of the Beartrack and Arnett Gold projects, located in Idaho
  • In place of the offer, the company announced a non-brokered private placement of 2,500,000 common shares valued at $1 million 
  • As a result of the pandemic, the company is continuing to implement COVID-19 safety protocols and cut costs across its operations 
  • Revival Gold (RVG) is up 9.52 per cent, with shares trading for $0.46 and a market cap of $24.3 million

Exploration company, Revival Gold Inc (TSXV:RVG), is withdrawing its public offering, just weeks after the offer was announced.

The company was looking to raise C$5 million through the arrangement. Warrant holders were entitled to one common share of the company at a price of 90 cents each.

Revival planned to utilise the proceeds in developing the Beartrack and Arnett Gold projects, both located in Idaho.

However, current unpredictability across all industries has caused Revival to cancel the terms and withdraw the offer.

The company made the decision in consultation with its agents, Paradigm Capital Inc., Echelon Wealth Partners Inc. and Beacon Securities Limited.

In place of the offer, the company announced a non-brokered private placement of 2,500,000 common shares. The new offer is valued at $1 million and the company will use the proceeds for general corporate purposes.

However, the future of Beartrack and Arnett remain unclear. The company has now stated that it’s assessing operational plans at both sites, including the planned preliminary economic assessment.

The company is also cutting costs across its operations and minimising spending as much as possible.

Hugh Agro, President & CEO of Revival, feels these steps are required given the current market conditions.

“Revival Gold has taken steps to ensure the safety of our people and the continuity of our business.

“We understand that many are unsettled in the current environment. We have acted to mitigate the effects of COVID-19 and position the company to prosper in a world where gold has become increasingly more important to the investing public,” he said

Revival Gold (RVG) is up 9.52 per cent, with shares trading for $0.46 at 1:03pm EST.

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