|By Marketwired .||
|February 12, 2014 05:25 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/12/14 -- Revolver Resources Inc. (the "Company") (TSX VENTURE: RZ) is pleased to announce that it has closed the first-tranche (the "First Tranche") of its non-brokered private placement (the "Private Placement"), previously announced on January 28, 2014, for gross proceeds of $367,996.86.
The First Tranche consisted of the issuance of 6,133,281 units (the "Units") at a price of $0.06 per Unit. Each Unit consists of one common share and one transferable share purchase warrant (each a "Warrant"). Each Warrant entitles the holder to acquire one common share of the Company for a period of one year from the closing date of the Private Placement at a price of $0.12 per common share.
In connection with closing the First Tranche, the Company paid a cash finder's fee to Richardson GMP Limited in the aggregate amount of $300, in consideration of its efforts in sourcing purchasers for the Private Placement.
All securities issued under the First Tranche are subject to a hold period expiring four months and one day from the date of issuance. The proceeds from the Units of the Private Placement for the current drill program on the Summit B project and for general working capital.
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, P. Geo, 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
Michel Boily, 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.
Revolver Resources Inc.
(604) 683-5309 (FAX)