Business
Revolver Closes Fundamental Acquisition
Vancouver, British Columbia (FSCwire) - REVOLVER RESOURCES INC. (TSXV: RZ) (the “Company” or “Revolver”) is pleased to announce, further to its news release of
About this update from Ggx Gold Corp.
[{"type":"text","content":"Vancouver, British Columbia (FSCwire) - REVOLVER RESOURCES INC. (TSXV: RZ) (the “Company” or “Revolver”) is pleased to announce, further to its news release of June 27, 2016, that the TSX Venture Exchange (the “TSX-V”) has granted final approval of the “Fundamental Acquisition” (TSX-V Policy 5.3) and that the Company has closed the Fundamental Acquisition whereby the Company may acquire 100% of the Gold Drop property located in Greenwood, British Columbia (the “Transaction”). Under the terms of the option agreement with Ximen Mining Corp., the Company may earn a 100% interest in the Gold Drop property by making certain staged cash payments and share payments of common shares in the capital of the Company to Ximen over a four-year period equal to a total of $400,000 ($100,000 each year) in cash and such number of common shares equal to $600,000 ($150,000 of common shares each year subject to a minimum of 250,000 shares each year), in addition to one million common shares of the Company within five business days of TSX-V approval of the Transaction, and work expenditures on the property of $1-million (subject to a minimum of $150,000 of expenditures on the property each year). Ximen will retain a 2.5-per-cent net smelter return royalty, of which the Company may buy down 1 per cent by paying $1-million to Ximen. Upon the acquisition of the property, Ximen will have a right for nine months thereafter to elect to form a joint venture with the Company by paying to the Company the amount of money equal to 30 per cent of the total amount expended on the property by the Company. If Ximen exercises this joint venture right, Ximen and the Company will enter into a joint venture for the exploration and development of the property. Details of the agreement will be available on the Company's SEDAR profile at www.sedar.com. The TSX-V has confirmed that the Company’s stock halt will be lifted. The Company expects trading to resume at market open on July 28, 2016. A National Instrument 43-101 geological report for the Gold Drop property has been prepared in connection with the Transaction and will be filed on SEDAR at www.sedar.com. On Behalf of the Board of Directors Barry Brown, Director 604-488-3900 This news release may contain forward-looking statements including but not limited to the Transaction including the terms thereof, trad...