TORONTO, Dec. 3, 2021 /CNW/ -  Orion Mine Finance announced today an update in respect of its beneficial ownership of common shares of Revival Gold Inc. ("Revival Gold"), held by Orion Mine Finance Fund II LP, a limited partnership managed by Orion Mine Finance Management II Limited (collectively, "Orion").

On December 2, 2021, Orion sold 154,000 common shares of Revival Gold ("Common Shares") pursuant to a private agreement at a price of US$0.5038 in cash per Common Share for gross proceeds of US$77,585 (the "Transaction").¹

As a result of prior equity issuances by Revival Gold in which Orion did not participate (the "Company Issuances"), Orion's ownership interest in Revival Gold was diluted below 10% of the then issued and outstanding Common Shares, calculated on a partially diluted basis. The Transaction was Orion's first acquisition or disposition of Common Shares since a Company Issuance.

Immediately prior to the Transaction, Orion beneficially owned 5,492,000 Common Shares and 350,000 Common Share purchase warrants ("Warrants"), representing approximately 8.1% of the issued and outstanding Common Shares, calculated on a partially-diluted basis (assuming exercise in full of its Warrants and based on there being 71,384,267 Common Shares issued and outstanding on the date hereof). Immediately following the Transaction, Orion beneficially owned 5,338,000 Common Shares and continued to own 350,000 Warrants, representing approximately 7.9% of the issued and outstanding Common Shares, calculated on a partially-diluted basis (assuming exercise in full of its Warrants and based on there being 71,384,267 Common Shares issued and outstanding on the date hereof), which is a decrease of 0.2% in its securityholding percentage in the Common Shares.

Orion's disposition of the Common Shares in the Transaction was made in the ordinary course of its business operations. Orion has no current plan or intentions which relate to, or would result in, acquiring securities of Revival Gold, disposing of securities of Revival Gold, or any of the other actions requiring disclosure under the early warning reporting provisions of applicable securities laws. Depending on market conditions, Orion's view of Revival Gold's prospects and other factors Orion considers relevant, Orion may acquire securities of Revival Gold from time to time in the future, in the open market or pursuant to privately negotiated transactions, or may sell all or a portion of its securities of Revival Gold.

This news release is being issued under the early warning reporting provisions of applicable securities laws. An early warning report with additional information in respect of the foregoing matters will be filed and made available under the SEDAR profile of Revival Gold at www.sedar.com. To obtain a copy of the early warning report, you may also contact Rick Gashler, Chief Compliance Officer of Orion Resource Partners (USA) LP at 212-596-3497. Orion's address is Cumberland House, 7th Floor, 1 Victoria Street, Hamilton HM11, Bermuda. Revival Gold's head office is located at 145 King St. West, Suite 2870, Toronto, Ontario, M5H 1J8. Orion's ownership of Common Shares is now below the reporting threshold prescribed by applicable securities laws.

Forward-Looking Information

Certain statements in the press release are forward-looking statements and are prospective in nature, including statements with respect to Orion's future intentions regarding the securities of Revival Gold. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements should therefore be construed in light of such factors, and Orion is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

SOURCE Orion Mine Finance Management II Limited

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