Non-brokered deal funds Champions Hills projects, Mexican portfolio
By Devika Patel
Knoxville, Tenn., Oct. 3 - Revolution Resources Corp. said it plans a C$4 million non-brokered private placement of units.
The company will sell 8 million units of one common share and one half-share warrant at C$0.50 per unit. Kinross Gold Corp. will invest C$3 million.
Each whole warrant will be exercisable at C$0.75 for four years. The strike price represents an 89.87% premium to the Sept. 30 closing share price of C$0.395.
Settlement is expected Oct. 14.
Proceeds will be used to continue advancing the Champions Hills projects in North Carolina and to begin exploration at the newly-optioned Mexican portfolio of properties.
"The proceeds from this financing strengthens Revolution's cash position and allows the Company to comfortably execute its exploration programs over the next 2 years," president and chief executive officer Aaron Keay said in a press release.
"We welcome Kinross as a new strategic shareholder and believe the funding in difficult market conditions strengthens Revolution's position to create shareholder value as the company advances its Champion Hills Projects in North Carolina, and initiates exploration on its newly optioned Mexican portfolio."
Based in Vancouver, B.C., Revolution Resources is a gold exploration company.
| Issuer: | Revolution Resources Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$4 million
|
| Units: | 8 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Investor: | Kinross Gold Corp. (for C$3 million)
|
| Pricing date: | Oct. 3
|
| Settlement date: | Oct. 14
|
| Stock symbol: | Toronto: RV
|
| Stock price: | C$0.395 at close Sept. 30
|
| Market capitalization: | C$23.95 million
|
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