Idaho-focused explorer Revival Gold Inc. (TSXV: RVG) has closed its previously announced non-brokered private placement of 5,000,000 units of the company at C$0.60 per unit for aggregate gross proceeds of C$3M.
The net proceeds of the offering will be used to fund on-going exploration and development at the company’s core Beartrack-Arnett Gold Project, located in Lemhi County, Idaho and for general corporate purposes.
Beartrack-Arnett is the largest past-producing gold mine in Idaho, according to the company. Engineering work has been initiated on a Preliminary Feasibility Study for the potential restart of heap leach operations.
Meanwhile, exploration continues, focused on expanding the 2022 Indicated Mineral Resource of 65.0Mt at 1.01g/t gold containing 2.11Moz of gold and an Inferred Mineral Resource of 46.2Mt at 1.31g/t gold containing 1.94Moz of gold.
In connection with the closing of the offering, the company paid commissions to certain finders of an aggregate of C$28,368 in cash and 47,280 finder warrants.
Company insiders, namely Hugh Agro, Robert Chausse, Wayne Hubert and Michael Mansfield, subscribed to the offering for 230,666 units in the aggregate. This issuance of units to the Insiders constitutes a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”).
The company is relying on an exemption from the formal valuation and minority shareholder approval requirements provided under MI 61-101 pursuant to section 5.5(a) and section 5.7(1)(a) of MI 61-101, on the basis that the participation in the offering by Insiders does not exceed 25% of the fair market value of the company’s market capitalization.
To find out more, visit: https://revival-gold.com/
