ReVolve Renewable Power (TSX-V:REVV) Corp, formerly known as Philippine Metals Inc, has announced that it will resume trading on the TSX Venture Exchange (TSXV) at the opening of the market on Thursday March 17, 2022, under the symbol REVV.
The listing follows the reverse takeover (RTO) of ReVolve by Philippine Metals.
The company also said it has granted employees and directors stock options to buy 3,500,000 common shares.
"We are delighted to achieve the successful completion of the RTO and the public listing of the company's shares on the TSXV," Steve Dalton, ReVolve CEO and director said in a statement.
"ReVolve has built up a solid track record in the renewable energy industry over the last 10 years and we look forward to the next phase of our growth as a publicly listed company. The importance of the renewable energy industry has never been greater as companies and governments strive towards transitioning to net zero emission businesses and economies over the next five years and beyond. We are excited to continue the development of our 3GW+ portfolio of renewable energy projects in support of this transition and creating further value for our shareholders," Dalton added.
Stock options granted
ReVolve announced that it has granted incentive stock options to purchase an aggregate of 3,500,000 common shares to certain directors, officers, employees and consultants of the company under its stock option plan.
The options are exercisable until March 7, 2025 at a price of $0.50 per common share.
The issuance of the options is subject to the terms of the company's stock option plan and TSXV approval, ReVolve noted.
It said A Ravenwood Holdings Limited, a corporation controlled by ReVolve director Roger Norwich, acquired 7,659,280 common shares in connection with the RTO, and was granted 50,000 options, representing approximately 13.95% of the issued and outstanding common shares on a non-diluted basis and around 14.04% on a partially diluted basis assuming exercise of the options.
Additionally, J&M O Farrell Limited, which is controlled by ReVolve director Joseph O'Farrell, and O'Farrell together with his spouse, Mary O'Farrell, acquired 8,100,530 common shares and 200,000 common share purchase warrants in connection with the RTO. O'Farrell was also granted 50,000 options. The share purchases and options represent around 14.50% of the issued and outstanding common shares on a non-diluted basis and approximately 14.97% on a partially diluted basis assuming the exercise of the options and warrants.
J&M held 133,750 common shares prior to the RTO.
ReVolve is in the business of developing utility-scale renewable energy generation projects in North America with a particular focus on wind, solar and battery storage technologies.
Contact the author at jon.hopkins@proactiveinvestors.com