Revelo Resources closes $1.946M private placement

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By CPE News

Vancouver (pcJ News Briefs) – Revelo Resources Corp. (TSX-V: RVL) has completed previously announced non-brokered private placement of 38,919,000 units at $0.05 per unit for gross proceeds of $1,945,950. Insiders purchased 11,160,000 (28.7%) units and Pro Group members purchased a further 850,000 (2.2%) units.

Each unit consists of one common share and one non-transferable share purchase warrant. Each warrant will entitle the holder to purchase one share at a price of $0.11 per share for a period of two years from the closing date.

Finders’ fees of $77,877 (6% of the units sold to investors introduced by finders) were paid on a portion of the placement to Haywood Securities Inc. ($9,300), Sprott Global Resource Investments, Ltd. ($56,577), and Tectonic Advisory Partners, acting through Ecoban Securities Corporation ($12,000).

Proceeds will be used for exploration of Revelo’s mineral projects in Chile and for general working capital and other corporate purposes.

Revelo Resources 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.

photo credit: Revelo Resources