Revolve Announces Closing of Third Tranche of $2.3M Non-Brokered Private Placement

About this update from Revolve Renewable Power Corp

[{"type":"text","content":"Revolve Announces Closing of Third Tranche of $2.3M Non-Brokered Private PlacementVANCOUVER, BC / ACCESSWIRE / January 25, 2024 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) (\"Revolve\" or the \"Company\"), a North American owner, operator and developer of renewable energy projects, is pleased to announce the closing of the third and final tranche (the \"Third Tranche\") of its non-brokered private placement offering of units (the \"Offering\"), resulting in total gross proceeds under of the Offering of approximately C$2,317,207 from the sale of 8,130,551 units at a price of C$0.285 per unit (the \"Units\"). The Company issued 1,715,542 Units yesterday for total gross of approximately C$488,929.47 under the Third Tranche (see Revolve news releases dated November 16, 2023, December 13, 2023, and December 22, 2023 for further details regarding the first two tranches of the Offering).Each Unit is comprised of one common share of the Company (a \"Common Share\") and one Common Share purchase warrant (a \"Warrant\"), with each Warrant exercisable to acquire one addition Common Share at a price of $0.45 for a period of eighteen (18) months following the closing date of the Offering, subject to the Acceleration Right (as defined below). The Warrants contain an acceleration provision, whereby if the volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange (the \"TSXV\") is equal to or greater than $0.60 per Common Share for 15 consecutive trading days, then the expiry date of the Warrants shall automatically accelerate and the Warrants will expire on the date that is 30 days after the date that notice of such acceleration is provided to the Warrant holders (the \"Acceleration Right\").In connection with the Third Tranche, the Company paid a cash commission of $7,508 to certain arms-length third parties (the \"Finders\") who assisted in introducing subscribers to the Offering, representing 5% of the proceeds raised from subscribers introduced to the Company by such Finders.All securities issued and issuable pursuant to the Third Tranche are subject to a statutory hold period expiring May 25, 2024 in accordance with applicable securities laws and the policies of the TSXV. The Offering remains subject to the final approval of the TSXV.The net proceeds raised from the Offering will be...

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