Revolver Closes Fundamental Acquisition
29 Julio 2013 - 7:44PM
Marketwired Canada
Revolver Resources Inc. ("Revolver" or the "Company") (TSX VENTURE:RZ) is
pleased to announce that following TSX Venture Exchange ("Exchange") final
approval, the Company has closed its fundamental acquisition (the "Acquisition")
which was originally announced on dated May 17, 2013 and closed a concurrent
non-brokered private placement of $219,500.
Transaction Summary
The Company has entered into an option agreement (the "Option Agreement") dated
May 17, 2013, with Pistol Bay Mining Inc. ("Pistol Bay") whereby Revolver may
earn a 60% interest in the Summit B property (the "Property"), located in
northwestern British Columbia. Under terms of the Option Agreement, Revolver has
the option to earn a 60% interest in the Property by completing $2,500,000 in
exploration expenditures on the Property, making $500,000 in cash payments to
Pistol Bay and issuing Pistol Bay 4,000,000 common shares over the next three
years as follows:
----------------------------------------------------------------------------
Date Expenditure
Cash Payment Share Issuance Requirement
----------------------------------------------------------------------------
On the Effective
Date $25,000 Nil Nil
----------------------------------------------------------------------------
On Exchange
approval of the
Option Agreement $75,000 2,000,000 common shares Nil
----------------------------------------------------------------------------
On or before the
date which is one
year from the
Effective Date $200,000 1,000,000 Shares $250,000
----------------------------------------------------------------------------
On or before the
date which is two
years from the
Effective Date $200,000 1,000,000 common shares $750,000
----------------------------------------------------------------------------
On or before the
date which is
three years from
the Effective Date Nil Nil $1,500,000
----------------------------------------------------------------------------
Total $500,000 4,000,000 $2,500,000
----------------------------------------------------------------------------
In connection with closing the Acquisition, the Company has agreed to pay a
non-arms' length finder a cash fee of $60,000 payable in stages.
The 1,394.53 hectare Property is located in the Iskut area of northwestern
British Columbia, Canada, and is contiguous with Colorado Resources Ltd.'s
("Colorado") North Rok copper-gold property (the "North Rok Property"). Colorado
recently announced positive drill results on the North Rok Property, details of
which can be found in its news release dated May 16, 2013.
A National Instrument 43-101 geological report for the Property has been
prepared in connection with the Acquisition and will be filed on SEDAR at
www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Robert L. Birmingham, President
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM
IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FOR FURTHER INFORMATION PLEASE CONTACT:
Revolver Resources Inc.
(778) 331 2025
(604) 683-5309 (FAX)
Revolver Resources Inc. (TSXV:RZ)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Revolver Resources Inc. (TSXV:RZ)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
Real-Time news about (TSX Venture Exchange): 0 recent articles
Más de Revolver Resources Inc. Artículos de Noticias