Revelo Announces $1.5 Million Loan
Vancouver, British Columbia--(Newsfile Corp. - February 27, 2018) - Revelo Resources Corp. (TSXV: RVL) ("Revelo" or the "Company") announces that the Company has borrowed $1.5 million (the "Loan") from Term Oil Inc. (the "Lender"), a private company owned by Rick Rule. In consideration of the Loan (which has been approved by the TSX Venture Exchange), the Company has paid the Lender fees totalling $45,000 and will pay a fee equal to 3% of the outstanding balance of the loan on the first anniversary of the Loan. The Loan has a term of 18 months and is subject to interest of 12% per year.
The Company has granted security to the Lender including a general security agreement creating a first priority security interests over all of its present and-after acquitted personal property, a guarantee of the Company's subsidiary Minera Mena Chile Ltda., and a share pledge over 10,000,000 ordinary shares of Austral Gold Limited.
The Loan will be used by the Company to fund property payments and other general working capital expenditures (excluding the payment of any related party indebtedness).
ABOUT REVELO
Revelo has interests in an outstanding portfolio of projects prospective for copper, gold and silver located along proven mineral belts in one of the world's top mining jurisdictions - Chile. The Company has a combination of wholly-owned projects (available for option, JV or sale), option agreements, royalty interests (non-producing to date), and equity interests in mining and exploration companies. Revelo's total exposure to mineral tenements in northern Chile, either wholly-owned or through royalty interests, is around 200,000 hectares.
Revelo is a Canadian company and is listed on the TSX Venture Exchange (TSXV: RVL). For more information, please visit Revelo's website at www.reveloresources.com
INVESTOR CONTACT
Timothy J Beale | President & CEO
T: +1 604 687-5544 | info@reveloresources.com | www.reveloresources.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENT
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.