VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 3, 2013) - Revolver Resources Inc. ("Revolver") (TSX VENTURE:RZ) announces that it is arranging a non-brokered private placement financing (the "Private Placement") of up to 10,000,000 units (the "Units") at a price of $0.03 per unit to raise gross proceeds of up to $300,000. Each unit will consist of one common share of Revolver, and one transferable share purchase warrant (a "Warrant"). Each Warrant shall be exercisable to acquire one additional common share for a period of two years at a price of $0.10 per share. The pricing of the Private Placement is in reliance on the temporary relief measures established by the TSX Venture Exchange (the "Exchange") and therefore the Private Placement and pricing of the Private Placement requires approval of the Exchange having regard to the temporary relief criteria set out in the Exchange's Bulletin of April 12, 2013 in relation to the extension and modification of temporary relief from certain pricing requirements (the "Temporary Relief Measures").
All the securities issued under the Private Placement are subject to resale restrictions under applicable securities legislation.
The principal purpose of the proceeds of the Private Placement are to maintain or preserve Revolver's existing operations, activities and assets. The Company still intends to close its previously announced private placement to fund the acquisition of and exploration on the Summit B Property. The Company has received the conditional acceptance to the acquisition of the Summit B Property.
In accordance with the Temporary Relief Measures, at least 75% of the Private Placement will be subscribed for by persons that are not Related Parties (as that term is defined in Exchange policies) of Revolver.
The Private Placement is subject to a number of conditions including receipt of all necessary corporate and regulatory approvals, including approval of the Exchange under Temporary Relief Measures.
About Revolver Resources Inc.:
Revolver recently announced it has entered into an option agreement with Pistol Bay Mining Inc. whereby Revolver may earn a 60% interest in the Summit B property (For more information on the option agreement see the Revolver press release dated May 17th, 2013).
The 1,394 hectare (3,446 acre) 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's recent North Rok Property discovery hole intersected 242 metres grading 0.63% copper and 0.85 g/t gold. More complete details can be found in Colorado's news release dated April 25, 2013. The Summit B property is also 20 kilometres northwest of Imperial Metals Red Chris Copper-Gold project.
Technical information in this news release has been prepared and/or revised by Michel Boily, PhD, PGeo, and qualified person as defined in NI 43-101.
For further information on Revolver please visit our website at www.revolverresources.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.