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Revitalist Announces Close of Private Placement Totaling $3,944,000
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VANCOUVER, British Columbia--(BUSINESS WIRE)--
REVITALIST LIFESTYLE AND WELLNESS LTD. (“Revitalist” or the “Company”) (CSE: CALM) (OTCQB: RVLWF) (FSE: 4DO) is pleased to announce it has closed its second tranche of its private placement offering which was previously announced on April 6, 2022 (“Offering”), bringing the total gross proceeds raised from the Offering to $3,944,000.
Revitalist CEO, Kathryn Walker, states: “Thank you to everyone who participated in the convertible debenture financing. Revitalist has raised over $15.2 million since the company was formed which has allowed us to scale operations and make significant improvements to the mental health of patients across the nation.”
Pursuant to the Offering, the Company has issued 3,944 convertible note units (the “Units”) at a subscription price of $1,000 per Unit, each Unit composed of (i) $1,000 in principal amount of unsecured convertible note of the Company (a “Note”) and (ii) 3,500 detachable common share purchase warrants (each warrant, a “Warrant”). Each Note matures in 36 months from the date of issuance (“Maturity Date”) and will accrue simple interest at 8% (“Interest”) per annum, payable quarterly. Each Note, and any accrued but unpaid Interest thereon, is convertible into common shares of the Company at a conversion price of $0.15 at any time prior to the Maturity Date. Each Warrant will be exercisable at $0.20 per share at any time until the date that is 24 months from the date of issuance (“Expiry Date”).
The net proceeds of the Private Placement are expected to be used by the Company for working capital purposes
ABOUT REVITALIST LIFESTYLE AND WELLNESS LTD.
Revitalist Lifestyle and Wellness Ltd. (CSE: CALM) (OTCQB: RVLWF) (FSE: 4DO) proudly offers hope to patients suffering from treatment resistant pain and mood conditions through ketamine assisted psychotherapy (‘KAP”). Each clinic enables access to psychedelic medicine, vitamin infusions and other lifestyle optimization services provided by medical professionals, mental health experts, and chronic pain specialists. Since opening their first clinic in 2018, Revitalist has provided thousands of ketamine infusions. Its founder and CEO, Kathryn Walker, has witnessed firsthand the transformative impact of KAP and intends on offering other psychedelic treatments as they become available. For additional information and to be added to the Company’s mailing list, please click here.
On Behalf of the Board
Kathryn Walker Chief Executive Officer
Forward Looking Statements
This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Revitalist to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release.
Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
