Mr. Michael Winn reports
REVELO REPORTS PROGRESS ON THE AGREEMENT TO SELL 8 COPPER PROJECTS IN CHILE
Revelo Resources Corp. project buyer West Pacific Ventures Corp. (WPV) has signed a binding letter of intent with Fireswirl Technologies Inc., by which Fireswirl is proposing to acquire 100 per cent of the outstanding shares of West Pacific in consideration for shares of Fireswirl in a reverse takeover (RTO). The resulting company will apply to list on the Canadian Securities Exchange. 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.
Dr. 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.
About Revelo Resources Corp.
Revelo Resources is a Canadian company listed on the TSX Venture Exchange. 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.
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