Revival upsizes equity financing to C$29m after Dundee exercises rights
Mine developer Revival Gold has increased the size of its previously announced non-brokered private placement to C$29.08-million following Dundee’s decision to exercise its participation rights and maintain its ownership stake.
Dundee’s wholly owned unit, Dundee Resources, will participate in the concurrent offering, which was upsized from C$13.68-million to accommodate the additional demand. Revival is offering 28.5-million shares at C$0.48 each under the expanded placement.
The financing comes alongside a previously announced strategic placement by EMR Capital, which agreed to purchase 32.1-million shares for $11.3-million. The two offerings together are expected to raise just over C$29-million.
The proceeds will support continued exploration and development at Revival’s Mercur project, in Utah, and Beartrack-Arnett project, in Idaho, as well as general corporate purposes.
The transaction remains subject to regulatory approvals, including from the TSX-V, and is expected to close on or around July 29.
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