Mr. Timothy Beale reports
REVELO CLOSES SALE OF 8 COPPER PROJECTS
Revelo Resources Corp.'s agreement for Revelo to sell eight copper-focused projects in northern Chile to West Pacific Ventures Corp. in exchange for shares in WestPac and certain cash considerations has closed (see news releases dated May 19, 2020, June 18, 2020, and Aug. 17, 2020, for further information).
Additionally, Pampa Metals Corp. (formerly Fireswirl Technologies Inc.) has announced that it has completed a business combination with WestPac, whereby Pampa Metals acquired all of the issued and outstanding shares of WestPac.
Immediately prior to the completion of the business combination, WestPac completed the acquisition of a 100-per-cent interest in the mining concessions underlying eight exploration properties collectively, subject to certain net smelter return royalties, from Revelo pursuant to the property purchase agreement dated July 31, 2020, between WestPac, Revelo and certain Chilean subsidiaries of Revelo. The properties are located in the Antofagasta region of northern Chile.
As consideration for the acquisition of the properties, WestPac paid $300,000 (U.S.) and issued 7,798,747 shares at a deemed price of 40 cents per share to Revelo. Additional information on the properties and the transaction is available in Fireswirl's news releases dated June 15, 2020, Aug. 17, 2020, Oct. 16, 2020, Nov. 3, 2020, and Nov. 24, 2020.
As consideration for the acquisition of WestPac, Pampa Metals issued to the former shareholders of WestPac an aggregate of 32,253,947 common shares and 5,030,625 share purchase warrants in exchange for the shares and warrants held by them on a share-for-share basis. The shares and warrants issued to the shareholders of WestPac included: (i) 7,798,747 shares to Revelo, representing 19.9 per cent of the issued and outstanding shares of Pampa Metals; and (ii) 10,061,250 units (each composed of one share and one-half of one share purchase warrant) of Pampa Metals in connection with the exchange of subscription receipts issued in the private placement by WestPac for gross proceeds of $4,024,500. Revelo also holds an anti-dilution right that guarantees Revelo's interest in Pampa Metals remains at 19.9 per cent through the raising of a total of $6-million in equity financings of Pampa Metals, inclusive of the private placement.
Pampa Metals also issued 75,000 units (each composed of one share and one-half of one share purchase warrant) in connection with Pampa Metals' unit private placement; an aggregate of 446,381 agents' warrants in connection with the private placement; and 795,000 common shares as a finder's fee to 1247979 B.C. Ltd., a private company that is not a related party to Pampa Metals.
The board of directors of Pampa Metals is now composed of Julian R.F. Bavin, Adrian Manger, Timothy J. Beale and Ioannis (Yannis) Tsitos. The executive officers of Pampa Metals include Mr. Bavin as chief executive officer, Gurdeep Bains as chief financial officer and corporate secretary, and Mr. Manger as part-time chairman. Further information about Pampa Metals and the properties will be disclosed in the listing statement.
In connection with the closing of the transaction, Pampa Metals changed its name from Fireswirl Technologies Inc. to Pampa Metals Corp. and delisted its common shares from the TSX Venture Exchange. Pampa Metals has received conditional approval to list the shares of Pampa Metals on the Canadian Securities Exchange under the trading symbol PM. Trading of the common shares of Pampa Metals on the CSE is subject to filing and acceptance of final listing materials with the CSE.
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, has verified the data disclosed and approved the written disclosure of the technical information contained in this news release.
About Revelo Resources Corp.
Revelo 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 Chile, one of the world's top mining jurisdictions. The company has agreed to be acquired by Austral Gold Ltd. (see news release dated Nov. 12, 2020).
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