VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 5, 2013) - Revolution Resources Corp. (RV.TO) ("Revolution" or "the Company") is pleased to announce that it has closed a private placement financing of 7,965,428 units at a price of $0.07 per unit for gross proceeds of $557,579.96. Each unit is comprised of one common share and one-half of one share purchase warrant, where each whole warrant will entitle the holder to acquire one common share at a price $0.125 for a period of two years following the closing of the financing.
Insiders of the company have subscribed for a total of 25% of the financing including Aaron Keay, President and CEO who has acquired beneficial ownership of a total of an additional 1,429,000 units through this private placement. After the purchases referred to above, Mr. Keay and his solely-owned and -controlled company Inform Management beneficially own a total of 3,699,667 common shares, and an aggregate of 5,364,167 including options and warrants. This represents 3.74% of Revolution's issued and outstanding common shares on a non-diluted basis, and 4.36% on a fully diluted basis.
Kinross Gold Corporation ("Kinross") has subscribed for 3,571,428 units of the offering for proceeds of $249,999.96. As a result of this financing, Kinross now holds 9.67% of Revolution's issued and outstanding common shares on a non-diluted basis, and 11.67% on a fully diluted basis.
No commissions or finder's fees were paid in connection with this financing.
Revolution Resources Corp. is a TSX-listed exploration company (RV.TO) based in Vancouver, BC, Canada. The Company's current exploration activities are focused on the historic belts of Mexico and the USA. Revolution is dedicated to the identification and advancement of precious and base metal deposits utilizing a prospect generator model in Mexico, while maintaining 100% ownership of its Champion Hills discovery in the Carolina Slate Belt of the southeastern USA. Further information can be found on the Company's website at www.revolutionresourcescorp.com.
ON BEHALF OF THE BOARD of Revolution Resources Corp.
Aaron Keay, President, CEO and Director
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Forward-Looking Statements: Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to the completion of the transactions contemplated by the New Agreement, the Company's plans for exploration and development of the Mexican properties, potential mineralization and expected share issuances. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such risk factors include, among others, failure to obtain regulatory approvals, failure to complete anticipated transactions, the timing and success of future exploration and development activities, exploration and development risks, title matters, inability to obtain any required third party consents, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices and one-time events. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: (1) the transactions contemplated by the New Agreement will be completed as planned; (2) the proposed exploration and development of mineral projects will proceed as planned; (3) market fundamentals will result in sustained metals and minerals prices and (4) any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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