Reviso Energy Ltd.

March 11, 2010 13:32 ET

Reviso Energy Ltd. Announces Completion of Initial Public Offering

CALGARY, ALBERTA--(Marketwire - March 11, 2010) - Reviso Energy Ltd. ("Reviso" or the "Corporation") is pleased to announce that it has successfully completed its initial public offering (the "Offering") through Macquarie Private Wealth Inc. (the "Agent") of 1,500,000 common shares ("Common Shares") at a price of $0.20 per share for aggregate gross proceeds of $300,000. Reviso has received listing approval for its Common Shares on the TSX Venture Exchange ("TSXV") and will commence trading on March 12, 2010 under the symbol "AVG.P". 

In consideration for its services in connection with the Offering, Reviso has granted to the Agent and its sub-agents, a non-transferable option to purchase up to 150,000 Common Shares at $0.20 per share for a period of 24 months and has paid the Agent a cash commission equal to 10% of the gross proceeds of the Offering.

Directors and officers of the Corporation hold, or exercise control or direction over, directly or indirectly, an aggregate of 2,500,000 Common Shares of Reviso, which represents approximately 61% of the outstanding Common Shares of the Corporation. An aggregate of 2,600,000 Common Shares are being held in escrow pursuant to an escrow agreement dated effective February 19, 2010 (the "Escrow Agreement"). Under the Escrow Agreement, 10% of the escrowed Common Shares will be released from escrow on the issuance of TSXV's final acceptance of the Corporation's Qualifying Transaction and an additional 15% will be released on the dates 6 months, 12 months, 18 months, 24 months, 30 months and 36 months following the initial release.

Reviso is a capital pool company governed by the policies of the TSXV. Reviso's principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Reviso Energy Ltd.
    Shaunna Haas-Jack
    (403) 517-8818 ext. 227
    (403) 517-8815 (FAX)
    Reviso Energy Ltd.
    1700, 500 - 4th Avenue S.W.
    Calgary, Alberta T2P 2V6