REV Exploration To Acquire Mining Claims, Grants Options

Executive Summary

• REV Exploration Corp. entered into a Mineral Property Purchase Agreement to acquire 100% of specified mineral claims in Ontario and Quebec, issuing 500,000 common shares as consideration.
• The acquired property carries a 1.5% net smelter returns royalty payable on future production revenues.
• Concurrently, the Company granted 600,000 incentive stock options at C$0.40 per share (five‑year term) and 150,000 restricted share units to directors and consultants, all subject to a four‑month‑plus‑one‑day hold period.

Key Details

• Acquisition Consideration: 500,000 REV common shares issued to the Vendor; shares subject to statutory hold period of 4 months + 1 day.
• Property Scope: Mineral claims and associated rights located in Ontario and Quebec (specific claim identifiers not disclosed).
• Royalty Terms: 1.5% net smelter returns royalty on net proceeds from mineral sales, after customary deductions (transportation, insurance, smelting/refining charges, metallurgical penalties).
• Closing Conditions: Subject to receipt of all required regulatory approvals and acceptance by the TSX Venture Exchange.
• Option Grant: 600,000 incentive stock options, each exercisable at C$0.40 per share, with a five‑year expiry from grant date.
• RSU Grant: 150,000 restricted share units vesting in three equal annual tranches; each RSU converts to one common share upon vesting.
• Hold Period for Equity Compensation: All options, RSUs, and any shares issuable upon exercise/settlement are subject to a four‑month‑plus‑one‑day hold period per TSX Venture Exchange policies.

Notable Quotes

(No direct quotes were provided in the release.)