Mr. Jordan Potts reports
REV EXPLORATION TO ACQUIRE ADDITIONAL MINING CLAIMS IN CHIBOUGAMAU GOLD CAMP
Rev Exploration Corp. has entered into an asset purchase agreement with an arm's-length private Quebec-based company to acquire a 100-per-cent interest in certain mineral claims and associated rights located in Quebec's Chibougamau gold camp.
The agreement sets forth the basic terms and conditions upon which the company and the vendor will complete the transaction as follows:
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Rev to provide a cash payment of $150,000 to the vendor, with $25,000 to be paid as a deposit and the remainder to be paid on closing;
- Rev to issue $350,000 worth of common shares to the vendor on closing;
- Rev to grant a 1.0-per-cent net smelter return (NSR) royalty in favour of the vendor.
Closing is subject to customary conditions, including receipt of all required regulatory approvals and acceptance of the agreement by the TSX Venture Exchange, as applicable.
This latest acquisition of claims, comprising just over 6,700 hectares, will expand the size of Rev's total land package in the Chibougamau gold camp to approximately 52,000 hectares or 520 square kilometres.
About Rev Exploration Corp.
Rev is a mineral exploration company that owns a suite of mostly gold properties in Quebec, highlighted by JMW and Maxwell in the Chibougamau gold camp, while the company also has strong exposure to the natural hydrogen sector in Alberta and Saskatchewan. Rev has acquired 100 per cent of a series of PNG leases along the Alberta-Montana border, including the drill-ready Aden domeD while it also has a significant equity position in MAX Power Mining Corp., which owns Canada's largest permitted land package for natural hydrogen in Saskatchewan.
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