Revolver Resources is hoping to reverse the takeover deal of Oculus Mining S.A. The Toronto Stock Exchange listed company Revolver Resources has halted trading while the required documentation is filed with the TSX Venture Exchange.
Oculus Mining is a privately owned Brazilian iron ore company. In the deal the shareholders of the Brazilian company will sell off of the stock to Revolver Resources and become a wholly owned subsidiary of the Canadian company. In return Revolver Resources will be renamed Oculus Mining Corporation to reflect its new business.
The principals and insiders of Oculus which has its head office in the State of Sao Paulo, Brazil are Renato Solano of São Paulo, Brazil, Andrew Fogle of Medellin, Columbia and Bruno Regli, of Zug, Switzerland.
Revolver Resources will also issue two new shares for each of its old ones and issue them to Oculus shareholder. 166 million shares will be issued by Revolver Resources to Oculus shareholders. It will also grant incentive stock options to new directors, officers, employees and consultants at 50 cents per share for a 10 year period, but this is not to exceed 10% of its total.
Jones Trading Canada Inc. and First Capital Markets Inc. both of Toronto, and Aslan Limited of Gryon, Switzerland, will collectively be issued six million resulting issuer shares for their efforts in arranging the transaction.
The new company will have a seven member board of directors of which four will be nominated by Oculus and three will be independent directors. Both companies have agreed to conclude the deal and form the new company by July 31, 2011 provided all permissions can be arranged by then.