Mr. Michael Frank reports

REVIVE THERAPEUTICS LTD. ANNOUNCES OFFERING OF UP TO $3 MILLION

Revive Therapeutics Ltd. is arranging a private placement of a maximum of 85,714,285 units at a price of 3.5 cents per unit, for gross proceeds of up to $3-million.

Each unit shall comprise one common share in the capital of the company and one-half of a common share purchase warrant of the company. Each whole warrant shall entitle the holder thereof to acquire one additional common share at a price of five cents per common share for a period of 36 months from the closing date of the offering.

The company intends to use the net proceeds of the offering for clinical work on long COVID and other possible indications, advancement of government studies, possible repayment of certain arm's-length payables, and general working capital purposes.

In connection with the offering, the company will pay finders' fees and issue finder warrants to EMD Financial Inc. as well as any other registrants participating in the offering consisting of: (i) cash finders' fees of up to 8 per cent of the gross proceeds of the offering; and (ii) finder warrants entitling the holder to purchase that number of units of the company (the compensation units) as is equal to up to 8 per cent of the number of units issued pursuant to the offering, exercisable at a price of five cents per compensation unit, for a period of 18 months following the closing date.

The offering is expected to close in one or more tranches with the first tranche anticipated to close on or before Feb. 1, 2024. The closing is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Canadian Securities Exchange (CSE). All securities issued pursuant to the offering will be subject to a statutory hold period of four months and one day.

About Revive Therapeutics Ltd.

Revive Therapeutics is a life sciences company focused on the research and development of therapeutics for infectious diseases and rare disorders, and it is prioritizing drug development efforts to take advantage of several regulatory incentives awarded by the FDA such as emergency use authorization, orphan drug, fast track and breakthrough therapy designations. Currently, the company is exploring the use of bucillamine for the potential treatment of public health medical emergencies and rare inflammatory disorders. Revive is also advancing the development of psilocybin-based therapeutics through various programs.

We seek Safe Harbor.