Revolve Renewable Power closes $3.03-million financing

Executive Summary

• Revolve Renewable Power Corp. has closed a brokered private placement of units, raising aggregate gross proceeds of $3,039,973.
• The company issued 15,999,857 units at a price of $0.19 per unit, with each unit comprising one common share and one common share purchase warrant.
• Net proceeds are designated for advancing late-stage renewable energy projects and working capital, while insiders and directors participated in the offering.

Key Details

• Gross Proceeds: $3,039,973.
• Units Issued: 15,999,857 units.
• Price Per Unit: $0.19.
• Warrant Terms: Each unit includes one warrant exercisable at $0.40 per share for a period of 24 months from closing.
• Agent: Beacon Securities Ltd., acting on a best efforts agency basis.
• Agent Compensation: 7.0% cash commission of gross proceeds plus compensation options equal to 7.0% of units sold (reduced to 3.5% for sales to the president's list).
• Use of Proceeds: Advancement of late-stage projects in the company's portfolio and working capital purposes.
• Restricted Period: Four-month hold period ending March 8, 2025.
• Regulatory Status: Closing subject to final approval of the TSX Venture Exchange.
• Insider Participation:
  • Roger Norwich (Director): Acquired 100,000 units. Ownership decreased from ~10.70% to ~8.78% (non-diluted).
  • Joseph O'Farrell (Director): Acquired 263,157 units. Ownership decreased from ~11.69% to ~9.77% (non-diluted).
• Related Party Transaction: Insider participation constitutes a related party transaction under Multilateral Instrument 61-101; exemptions from formal valuation and minority shareholder approval were relied upon as the transaction value involving interested parties was not more than 25% of market capitalization.

Notable Quotes

• "We are very pleased with the strong interest in our private placement, which was fully supported by a number of key institutional investors, family offices and insiders," said chief executive officer Myke Clark. "This funding round strengthens our balance sheet and positions Revolve well to advance the progress of our late-stage renewable energy projects."