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Be the first with the news that moves the market- Revelo Resources Corp (TSXV:RVL) has repaid C$2.54 million in third-party debt
- The company has taken three years to pay off the loan
- Revelo now believes it can focus on its Chilean exploration properties
- The company is now holding a share offer to generate capital and begin exploration of its Chilean properties
- Revelo Resources Corp (RVL) is holding steady trading at $0.01 per share, with a market cap of $1.6 million
Revelo Resources Corp (TSXV:RVL) has repaid C$2.54 million in third-party debt.
The company has been paying off the loan for the past three years, a combination of cash loans and accrued fees from management, together with loans from Term Oil Inc and EMX Royalty Corp.
The company made the deals to preserve its Chilean property portfolio and continue selling royalty interests in other companies, as well as generate potential joint ventures.
Revelo owns 15 prospective gold properties in northern Chile, covering approximately 127,000 hectares.
Revelo has recently paid off the principal loan together with accrued interest and bonuses owed to Term Oil Inc, to the sum of approximately $2 million.
The company has also paid off the principal loan together with accrued interest and bonuses owed to EMX Royalty Corp totalling approximately $536,000.
Revelo recently sold a generative royalty portfolio to EMX Royalty Corp and Masglas America Corp for $2.1 million. The deal also included 10 million common shares Revelo owned in Austral Gold Ltd, for additional total net proceeds of $880,000.
Along with paying off its third party debt, the cash has allowed Revelo to pay the 2020-2021 annual maintenance fees on its Chilean property portfolio and still leave a cash balance on its books.
Revelo also has plans to complete a stock rollback, convert management loans and debt into shares and complete a private placement financing in order to finance the exploration of its gold portfolio in Chile.
Revelo Resources Corp (RVL) is holding steady trading at $0.01 per share at 11:58 pm EST.
