- Revive Therapeutics Ltd. (RVV) has closed its previously announced bought deal prospectus offering of 46 million units at a price of C$0.50 per unit for aggregate gross proceeds of C$23 million
- This offering includes the exercise in full of the 15 per cent over-allotment option
- The syndicate of underwriters was led by Canaccord Genuity Corp. and Leede Jones Gable Inc. as co-lead underwriters
- The units were offered and sold by way of a short form prospectus filed with the securities commissions in each of the provinces of Canada, other than Québec
- Revive Therapeutics Ltd. is up 15 per cent to C$0.69 per share
Revive Therapeutics Ltd. (RVV) has closed its previously announced bought deal prospectus offering.
Revive Therapeutics Ltd. (RVV) closed its previously announced bought deal prospectus offering of 46 million units at a price of C$0.50 per unit for aggregate gross proceeds of C$23 million.
This offering includes the exercise in full of the 15 per cent over-allotment option. The syndicate of underwriters was led by Canaccord Genuity Corp. and Leede Jones Gable Inc. as co-lead underwriters.
The units were offered and sold by way of a short form prospectus filed with the securities commissions in each of the provinces of Canada, other than Québec.
Each unit is comprised of one common share of the company and one common share purchase warrant.
Each warrant entitles the holder thereof to purchase one common share at an exercise price of $0.70 per common share until February 12, 2024.
If the daily volume weighted average trading price of the common shares on the Canadian Securities Exchange is greater than $1.10 for the preceding 10 consecutive trading days, the company may accelerate the expiry date of the warrants to a date that is at least 30 trading days following the date on which the company issues a press release announcing the reduced warrant term.
The company intends to use the net proceeds of the Offering for Phase 3 clinical costs for Bucillamine for COVID-19, Phase 1 clinical costs for Psilocybin for methamphetamine use disorder study, and other Psychedelic formulation development work as well as working capital and general corporate purposes.
Revive Therapeutics is a life sciences company focused on the research and development of therapeutics for infectious diseases and rare disorders.
Revive Therapeutics Ltd. is up 15 per cent to C$0.69 per share.