Revival Gold (RVG.V) said overnight Tuesday that it plans to raise up to $30 million through a private placement of 35.3 million shares at $0.85 each.
The underwriters have been granted an over-allotment option of 3.53 million shares, which, if fully exercised, would raise additional proceeds of $3.0 million.
Proceeds will be used to advance the Mercur and Beartrack-Arnett projects in the U.S.
The offering will close on May 6.
Revival Gold shares closed down $0.09, to $0.90, on Tuesday on the TSX Venture Exchange.