Revival Gold Closes $10 Million Non-Brokered Private Placement Financing

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TORONTO, Jan. 26, 2022 (GLOBE NEWSWIRE) -- Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) (“Revival Gold” or the “Company”), announces that it has closed its previously announced non-brokered private placement of 15,500,000 Units (the “Units”) at a price of $0.65 per Unit for aggregate gross proceeds of $10,075,000.00 (the “Offering”). Each Unit is comprised of one (1) common share of the Company (a “Common Share”) and one half of one (0.5) Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable into one (1) Common Share at a price of $0.90 at any time for a period of twenty-four (24) months from the closing of the Offering.

Hugh Agro, President & CEO of Revival Gold, commented: “We welcome Donald Smith Value Fund, LP, as a significant new shareholder in the Company. Donald Smith’s investment is a strong endorsement of Revival Gold’s technical team and the exciting potential at our flagship Beartrack-Arnett Gold Project, located in Idaho, USA”.

Pursuant to the Offering, Donald Smith Value Fund, L.P. (“Donald Smith”) acquired 7,500,000 Units representing 7,500,000 Common Shares and 3,750,000 Warrants. Prior to the Offering, Donald Smith did not beneficially own or control any securities of the Company. The closing of the Offering resulted in Donald Smith’s beneficial ownership and control of 7,500,000 Common Shares and 3,750,000 Warrants representing 8.63% of the issued and outstanding Common Shares on a non-diluted basis, and 12.41% on a partially diluted basis, assuming the exercise of Donald Smith’s Warrants.

The announcement of Donald Smith’s acquisition of the Units is pursuant to National Instrument 62-104 Take Over Bids and Issuer Bids (“NI 62-102). This press release and Donald Smith’s corresponding early warning report which is expected to be filed on SEDAR on or around January 26, 2022, constitutes the required disclosure pursuant to section 5.2 of NI 62-104. A copy of Donald Smith’s early warning report will appear on the Company’s profile on SEDAR and may also be obtained by calling 416-336-4100. The Company’s head office is located at 145 King St. W., Suite 2870, Toronto, Ontario, M5H 1J8.