Toronto, Ontario--(Newsfile Corp. - December 28, 2018) - Paul H. Stephens (Stephens) announces that he owns or exercises control or direction over 9,281,214 common shares (shares) of Revelo Resources Corp. (Revelo) and 7,412,143 share purchase warrants (warrants), representing approximately 5.5% of the outstanding shares and 9.6% on a partially diluted basis assuming exercise of such warrants. This press release is being issued pursuant to Canadian early warning requirements because the sale of the shares, as described below, combined with Revelo's various treasury issuances, has resulted in Stephens' holdings of shares to decrease to less than 10% of the outstanding shares.
On December 10, 2018, Stephens sold, through the facilities of the TSX Venture Exchange, 4,967,929 shares at a price of US$0.0075 per share for total consideration of US$37,259.47, which, based on the daily exchange rate as at December 10, 2018 as reported by the Bank of Canada, equals approximately Cdn.$0.0100 per share for total consideration of approximately Cdn.$49,852.798. This represents approximately 3% of the outstanding shares and 2.8% on a partially diluted basis. Prior to this disposition, Stephens, on his own account and as portfolio manager at Stephens Investment Management, LLC, owned or exercised control or direction over 14,249,143 shares and 7,412,143 warrants representing approximately 8.5% of the outstanding shares and 12.4% on a partially diluted basis.
The shares were sold for investment purposes. Stephens has a long-term view of the investment, and may acquire additional shares either on the open market or through private acquisitions or sell the shares either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Revelo is located at 543 Granville Street, Suite 501, Vancouver, British Columbia, V6C 1X8. A copy of Stephens' Early Warning Report will appear on Revelo's profile on SEDAR at www.sedar.com and may also be obtained by contacting Stephens at (415) 677-5440.
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