VANCOUVER, Feb. 3 /PRNewswire-FirstCall/ - Revolution Resources Corp. TSX:RV ("Revolution" or the "Company") is pleased to announce that it has closed the financing announced January 18 and 19, 2011. The Company issued 15,000,000 common shares at a price of $0.60 per share for gross proceeds of $9,000,000.
Haywood Securities Inc. (the "Agent") acted as agent in the offering and received a cash commission equal to 6% of the gross proceeds and share purchase warrants ("Agent's Warrants") equal to 6% of the number of common shares issued pursuant to the offering. Each Agent's Warrant will be exercisable to acquire one common share at a price of $0.80 per share for 12 months after the closing date.
The Company intends to use the net proceeds from the offering to finance exploration activities at the Company's Champion Hills gold project in North Carolina and for general working capital and other corporate purposes.
The securities issued under the offering will be subject to a four month hold period expiring June 4, 2011 in accordance with applicable Canadian securities laws.
ON BEHALF OF THE BOARD
President, CEO and Director
Forward-Looking Statements: This news release may contain certain "forward-looking" statements and information relating to Revolution which is based on the beliefs of Revolution management, including the intended use of net proceeds of the financing, as well as assumptions made by and information currently available to Revolution management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, the actual use of proceeds of the financing, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
SOURCE Revolution Resources Corp.