Core Viewpoint - Revive Therapeutics Ltd. has successfully closed the first tranche of its private placement offering, raising a total of $60,900 through the issuance of 2,900,000 units at a price of $0.021 per unit, while also settling a note payable through the issuance of additional units [1][2][3]. Group 1: Offering Details - The first tranche of the offering consisted of 2,900,000 units, generating gross proceeds of $60,900 for the company [1]. - Each unit comprises one common share and one common share purchase warrant, with the warrant allowing the holder to acquire one common share at an exercise price of $0.05 for 36 months [2]. - The company issued an additional 3,209,523 units to settle a note payable of $67,400, maintaining the same issue price of $0.021 per unit [1][3]. Group 2: Use of Proceeds - The gross proceeds from the offering will be allocated for working capital and the payment of certain trade payables [2]. Group 3: Compensation Options - In connection with the offering, the company issued 100,000 compensation options to an investment dealer, allowing the dealer to purchase units at a price of $0.05 for 18 months [4]. - Each compensation unit consists of one common share and one-half of a common share purchase warrant, with the whole warrant allowing acquisition of one compensation share at an exercise price of $0.05 for 36 months [5]. Group 4: Company Overview - Revive Therapeutics is focused on developing innovative therapeutics for critical medical needs, leveraging FDA regulatory incentives for rapid advancement and market entry [6]. - The company is currently concentrating on the potential of Bucillamine for infectious diseases and medical countermeasures, as well as advancing its Psilocybin and molecular hydrogen therapeutic programs [6].