Kinross Gold Corporation announced that it has subscribed for 3,571,428 units of Revolution Resources Corp. pursuant to a non brokered private placement. Each unit is comprised of one common share and one half of one share purchase warrant, where each whole warrant will entitle the holder to acquire one common share at a price of CAD $0.125 for a period of two years following the closing of the private placement.
After giving effect to the private placement, Kinross will hold 9,571,429 common shares and 4,785,714 share purchase warrants of Revolution constituting approximately 9.67% of Revolution’s issued and outstanding common shares on a non diluted basis, and 11.67% on a fully diluted basis. The subscription price for the units is CAD$0.07 per unit for an aggregate purchase price of CAD$249,999.96.
The investment in Revolution is part of Kinross’ strategy to increase its exposure to quality exploration opportunities by investing in junior resource companies. Revolution is a Vancouver based junior resource company focused on gold and silver exploration in Mexico and the United States.