Revitalist Announces Closing of Private Placement

REVITALIST LIFESTYLE AND WELLNESS LTD. (“Revitalist” or the “Company”) (CSE: CALM) (OTCQB: RVLWF) (FSE: 4DO), announces the closing of a non-brokered private placement. This funding will allow Revitalist to start extending its proprietary telemedicine platform across 28 states, with the goal of giving access to more than 50M individuals living with mental health concerns, treatment resistant pain conditions, and palliative care needs.

Pursuant to the private placement, the Company has issued 11,900,000 units (the “Units”) at a subscription price of $0.05 per Unit, with each Unit comprised of a common share (each, a “Unit Share”) and one common share purchase warrant (a “Warrant”). Each Warrant is exercisable to purchase one common share of the Company (a “Warrant Share”) at an exercise price of $0.05 per Warrant Share until February 1, 2028 (“Expiry Date”). The Unit Shares, Warrants and Warrant Shares are subject to a hold period of and may not be traded until June 2, 2023 except as permitted by applicable securities legislation and the rules and policies of the Canadian Securities Exchange.

Of the 11,900,000 Units issued, 9,500,000 Units were issued in settlement of debt in the aggregate amount of $475,000. The remaining $120,000 of proceeds will be used for general working capital and towards the release of a nationwide, proprietary physician-lead telemedicine platform offering increased access to oral ketamine therapies to those struggling with mental health concerns as well as those seeking increased access to palliative care.

Revitalist CEO, Kathryn Walker states, “With the economic strain throughout the United States, we are noticing that the mental health crisis is continuing to escalate. The release of our telemedicine platform is of utmost importance to increase access to more individuals trying to receive the necessary care for their conditions. We appreciate everyone who continues to believe in our mission to solve the mental health crisis.”

The Revitalist Telemedicine platform allows clients to receive monthly appointments at a cost of $600 per month with physician providers working with Revitalist’s nursing team to provide comprehensive care including at-home ketamine therapies, psychotherapy, coaching, and wellness groups.

States receiving access to this program are expected to include Arizona, California, Colorado, Florida, Georgia, Illinois, Iowa, Kentucky, Maine, Maryland, Michigan, Minnesota, Mississippi, Montana, Nebraska, New Hampshire, New York, North Dakota, Ohio, Oklahoma, Tennessee, Texas, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.