Revolution Resources (OTCQX: RVRCF; TSX: RV) has arranged a non-brokered private placement of 8 million units at a price of $0.50 per unit for proceeds of $4 million and Kinross Gold Corporation has subscribed for 6 million units of the offering for proceeds of $3 million , which will represent approximately 9% of the Company’s issued and outstanding shares on an undiluted basis following completion of the private placement. Highlights from this financing include the following:
- Priced at a 25% premium to market close on Friday;
- Kinross subscribed to $3 million out of the $4 million;
- Half warrant priced at $0.75, subject to accelertion when the Company trades above $1 for 30 days; and
- The Company will be financed for approximately two years to accommodate aggressive exploration campaigns in North Carolina and Mexico.