VANCOUVER, British Columbia, June 01, 2026 (GLOBE NEWSWIRE) -- REV Exploration Corp. ("REV" or the "Company") (TSXV:REVX; OTC: REVFF; FSE: 7FF), (TSXV: REVX; OTC:REVFF; FSE: 7FF), FSE: 7FF) is pleased to announce that, further to its May 22, 2026 news release, it has closed a strategic non-brokered private placement (the "Private Placement") with Mr. Eric Sprott for gross proceeds of $4.0 million. The Private Placement consisted of 4,210,526 units ("Units") of the Company at $0.95 per Unit through 2176423 Ontario Ltd., a corporation beneficially owned by Mr. Sprott.
Jordan Potts, CEO of REV, commented: "Closing this financing with Mr. Eric Sprott is a significant milestone for REV and a continued vote of confidence in our team and our assets. With this capital, we can meaningfully advance our Helium and Natural Hydrogen portfolio at a time when global demand for secure, domestically sourced critical energy commodities continues to accelerate. We believe REV is exceptionally well positioned to create value for shareholders as Helium and Natural Hydrogen become increasingly strategic to both the energy transition and the broader technology sector."
Private Placement Terms
Each Unit consisted of one common share in the capital of the Company (each, a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles Mr. Sprott to purchase one Common Share (each, a "Warrant Share") at a price of $1.20 per Warrant Share for a period of 24 months from the closing date of the Private Placement. All securities issued in connection with the Private Placement are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
Mr. Sprott currently holds more than 10% of the issued and outstanding Common Shares. As a result, his participation in the Private Placement constituted a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"). The Company relied on the exemptions from the formal valuation and minority shareholder approval requirements under sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the Units issued to Mr. Sprott, and the consideration paid by him, did not exceed 25% of the Company's market capitalization.
The Private Placement is subject to final approval of the TSX Venture Exchange. In connection with the Private Placement, the Company paid aggregate cash finder's fees of $200,000, representing 5% of the gross proceeds of the Private Placement, to certain arm's length finders. The Company intends to use the net proceeds from the Private Placement to fund its exploration activities and for general working capital purposes.
Early Warning Disclosure
As required by National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI ...
