Revelo Resources Corp. (TSX-V:RVL) is pleased to announce that it is has completed its previously announced non-brokered private placement financing raising $2,050,000 by the issuance of 27,333,333 units at $0.075. Each Unit was comprised of one common share and one-half of one non-transferable common share purchase warrant. Each Warrant entitles the holder to purchase an additional Share at $0.11 until July 18, 2018.
Finders’ fees were paid on a portion of the placement. The finders’ fees consisted of 967,000 Units (6% of the Units sold to investors introduced by finders), and non-transferable broker warrants to purchase 967,000 Shares (6% of such Units sold to investors). The broker warrants have the same terms as the Warrants.
The Shares, and any Shares issued on the exercise of the Warrants or broker warrants are subject to a restricted resale period under Canadian securities law and TSX Venture Exchange policy until November19, 2016.
The proceeds of the financing will be used for exploration of the Company’s mineral projects in Chile and for general working capital and other corporate purposes.
Revelo is a Prospect Generator that has consolidated an outstanding portfolio of 22 projects prospective for copper, gold and silver located along proven mineral belts in one of the world’s top mining jurisdictions – Chile. Several targets are ready for drill testing within the portfolio, and two projects are subject to option and joint venture agreements with subsidiaries of Newmont Mining (Montezuma Project) and Austral Gold (San Guillermo Project). As part of its portfolio, Revelo retains a 2% royalty interest (currently non-producing) in the Victoria Project, an important copper-gold-silver exploration project, and it is developing a nascent royalty portfolio. Revelo’s total exposure to mineral tenements in northern Chile is around 300,000 hectares, of which about 100,000 hectares (3 projects) are subject to 3rd party exploration expenditures.
Revelo has a goal of building a sustainable exploration business focused on securing prospective land along the prolific mineral belts of northern Chile, and by implementing effective exploration and capital management strategies to grow, advance and de-risk its portfolio to provide shareholders with multiple opportunities for exploration success. Revelo is actively looking for partners to advance the projects within its portfolio.
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