Revolve raises $3 million in private placement for renewable projects

Revolve Renewable Power Corp. (TSXV: REVV) (OTCQB: REVVF) completed a private placement offering that raised gross proceeds of $3,039,973, the Vancouver-based renewable energy company announced.

The company issued 15,999,857 units at $0.19 per unit through the brokered offering conducted by Beacon Securities Limited. Each unit consists of one common share and one warrant that allows the holder to purchase an additional common share at $0.40 within 24 months of closing.

The offering drew participation from institutional investors, family offices and company insiders. Beacon Securities received a 7% cash commission and compensation options equal to 7% of units sold, reduced to 3.5% for sales to subscribers on the president's list.

Revolve plans to use the net proceeds to advance late-stage projects in its portfolio and for working capital purposes. The securities are subject to a four-month restricted period ending March 8, 2025, under Canadian securities laws.

Two company directors participated in the offering. Roger Norwich acquired 100,000 units, reducing his ownership to 8.78% of outstanding common shares on a non-diluted basis from 10.70% previously. Joseph O'Farrell purchased 263,157 units, with his ownership decreasing to 9.77% from 11.69%.

The company operates 12 megawatts of renewable energy assets under long-term power purchase agreements across Canada and Mexico. It maintains a development portfolio of over 3,000 megawatts of utility-scale projects across the United States, Canada and Mexico, plus a 140-megawatt distributed generation portfolio under development.

The closing remains subject to final approval from the TSX Venture Exchange.

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