Revolve Announces Intention to Closing Second Tranche of Non-Brokered Private Placement

VANCOUVER, BC / ACCESSWIRE / December 13, 2023 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) ("Revolve" or the "Company") an owner, operator and developer of renewable energy projects is pleased to announce that it has increased the size of its non-brokered private placement (the "Private Placement"), as described in the Company's news release dated November 16, 2023 (https://revolve-renewablepower.com/revolve-announces-closing-of-first- ...) to include a second tranche of up to $1,000,000. All currency in this news release is denominated in Canadian dollars.

Revolve completed the first tranche of a non-brokered private placement on November 16, 2023 (the "Offering") of 5,267,062 units (the "Units") at a price of $0.285 per Unit, for total gross proceeds of approximately $1,501,112. Management, employees and insiders of the Company invested a total of $226,740 in the Offering.

The Company intends to include a second tranche of up to $1,000,00 in the Offering and to issue a further 2,850,000 Units of the Company.

Each Unit is comprised of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"), with each Warrant exercisable to acquire one addition Common Share at a price of $0.45 for a period of eighteen (18) months following the closing date of the Offering, subject to the Acceleration Right (as defined below).

The Warrants contain an acceleration provision, whereby if the volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange (the "TSXV") is equal to or greater than $0.60 per Common Share for 15 consecutive trading days, then the expiry date of the Warrants shall automatically accelerate and the Warrants will expire on the date that is 30 days after the date that notice of such acceleration is provided to the Warrant holders (the "Acceleration Right").

Similar to the first tranche of the Offering, the Company intends to pay a cash commission of 5% to certain arms-length third parties (the "Finders") who assisted in introducing subscribers to the Offering.

The Private Placement is subject to all necessary regulatory approvals including final approval from the TSX Venture Exchange (the "TSXV"). All securities issued in connection with the Private Placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.