Revival Gold Closes $9 Million Private Placement and Announces Strategic Relationship With Orion Mine Finance

TORONTO, ONTARIO--(Marketwired - Oct. 19, 2017) -

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Further to Revival Gold Inc.'s (TSX VENTURE:RVG) ("Revival" or the "Company") press releases dated September 7, 2017 and October 2, 2017, the Company announces today the closing of its private placement financing (the "Private Placement"). The Private Placement consisted of the sale of 15,033,900 units of the Company ("Units") at a price of $0.60 per Unit for the gross proceeds of $9,020,340. Each Unit consists of one common share of the Company (a "Share") and one half of a share purchase warrant (each a "Warrant"). Each whole Warrant is exercisable into one Share at a price of $0.90 per Share for 24 months following the closing of the Private Placement.

The Company intends to use the proceeds of the Private Placement to fund exploration activities at the former producing Beartrack Gold Project located in Lemhi County, Idaho.

In connection with the Private Placement, Revival also announces the formation of a strategic relationship (the "Strategic Relationship") with Orion Mine Finance ("Orion"), and the purchase by Orion of 4,167,000 Units of the Private Placement. Under the terms of the Strategic Relationship, Orion and Revival have agreed to collaborate and enter into good faith negotiations on Revival's future funding requirements, including acquisition and development financing, equal to or greater than US$25 million.

"Revival is now fully funded to complete 13,000 meters of planned core drilling this season and next at Beartrack and Arnett Creek", said Hugh Agro, President & CEO. "Results from an initial 3,000 meters of drilling currently underway at Beartrack are expected by the end of January with the objectives being to begin the assessment of near surface oxide potential and to follow-up on prior high-grade drill intercepts at depth". Mr. Agro went on to say, "The high quality group of incoming new institutional shareholders, and Revival's Strategic Relationship with Orion in particular, builds on the Company's strong foundation for future growth".