VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 7, 2017) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES
Revelo Resources Corp. ("Revelo" or the "Company") (TSX VENTURE:RVL) announces that it intends to complete a private placement for gross proceeds of up to C$2,000,000 by the issuance of 40,000,0000 units (the "Units") at a price of C$0.05 per Unit. Each Unit will consist of one common share (the "Share") and one non-transferable share purchase warrant (the "Warrant"). Each Warrant will entitle the holder to purchase one Share of Revelo at a price of C$0.11 per Share for a period of two years from the closing date. Revelo expects to use the proceeds of the private placement to conduct exploration activities on its properties and for general working capital and other corporate purposes.
The Company will pay finder's fees in respect of subscriptions from investors introduced by finders. The finder's fee will be payable in cash, or in Units equal to 6% of the units sold to investors introduced by finders. The Shares, and any Shares issued on the exercise of the Warrants and finder's fee Warrants, will be subject to a four month restricted resale period in Canada and applicable securities legislation hold periods outside of Canada.
There can be no assurance that the private placement will be completed as proposed or at all. This financing is subject to receipt of TSX Venture Exchange acceptance.
Revelo has consolidated an outstanding portfolio of 25 projects prospective for copper, gold and silver located along proven mineral belts in one of the world's top mining jurisdictions - Chile. Revelo's total exposure to mineral tenements in northern Chile is around 300,000 hectares, of which about 60,000 hectares (2 projects) are subject to 3rd party exploration expenditures.
Revelo is a Canadian company and is listed on the TSX Venture Exchange (TSX VENTURE:RVL). For more information, please visit Revelo's website at www.reveloresources.com.
ON BEHALF OF THE BOARD
Timothy J. Beale, President & CEO
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Revelo expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicate" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Revelo believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements.