Ketamine-Clinics Revitalist Raises Nearly $4M In Second Round Of Private Placement

There are two ways in which companies can raise funds: public offerings or direct sale of shares to investors, usually via private placements. 

Publicly traded company Revitalist Lifestyle And Wellness Ltd. RVLWF, owner of a network of ketamine assisted psychotherapy clinics, has just closed the second tranche of its private placement offering previously announced on April of this year.

The total gross proceeds raised: $3,944,000.

Revitalist CEO, Kathryn Walker said: “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.”

Following the convertible debenture financing offering, the company issued 3,944 convertible note units at a subscription price of $1,000 per unit, each composed of $1,000 in principal amount of unsecured convertible note of Revitalist and 3,500 detachable common share purchase warrants

As explained by the company's press release, each note matures in 36 months from the date of issuance and will accrue simple interest at 8% 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 note’s maturity date. 

Alternately, each warrant will be exercisable at $0.20 per share at any time until 24 months from the date of issuance.

Revitalist has stated that the net proceeds of the transaction will be used for working capital purposes.

Posted In: Kathryn WalkerCannabisNewsPenny StocksPsychedelicsOfferingsManagementMarkets

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