Revelo Reports Progress on the Agreement to Sell 8 Copper Projects in Chile
Vancouver, British Columbia--(Newsfile Corp. - June 18, 2020) - Revelo Resources Corp. (TSXV: RVL) ("Revelo" or the "Company") is pleased to report that West Pacific Ventures Corp. ("WPV") has signed a Binding Letter of Intent with Fireswirl Technologies Inc. (TSXV: FSW.H) ("Fireswirl"), by which Fireswirl is proposing to acquire 100% of the outstanding shares of West Pacific in consideration for shares of Fireswirl in a Reverse Take Over ("RTO"). The resulting company will apply to list on the Canadian Securities Exchange ('CSE'). WPV holds the right to acquire a 100% interest in eight copper focused projects in northern Chile from Revelo pursuant to the terms of a Binding Letter of Intent ("LOI") between WPV and Revelo (see news release dated May 19, 2020).
Under the terms of the LOI, Revelo will receive new shares of WPV that in turn will be exchanged for shares of Fireswirl, which is required to have raised a minimum of $4 million. Revelo will on closing of the RTO hold 19.9% of the issued and outstanding shares of the resulting public listed company.
Further updates on the progress of this agreement will be reported in due course.
Demetrius Pohl, PhD., Certified Professional Geoscientist (CPG), an independent geological consultant to Revelo, is the Company's Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosures for Mineral Projects of the Canadian Securities Administrators and has verified the data disclosed and approved the written disclosure of the technical information contained in this news release.
Revelo is a Canadian company listed on the TSX Venture Exchange (TSXV: RVL). Revelo has interests in an outstanding portfolio of projects prospective for gold and copper located along proven mineral belts in one of the world's top mining jurisdictions - Chile. The Company has a vision to reward shareholders with wealth-generating mineral discoveries along Chile's prime mineral belts, through leveraged and more efficient capital deployment, exploration, discovery and monetization. For more information, please visit Revelo's website here www.reveloresources.com.
ON BEHALF OF THE BOARD
Michael Winn, Chairman
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Revelo expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicate" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Revelo believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/58086