VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 13, 2017) -
THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Remo Resources Inc. (TSX VENTURE:RER) (the "Company" or "Remo") is pleased
to announce, further to the Company's news release of October 6, 2017 in respect of a proposed reverse take-over (the
"Proposed Transaction") with Chakana Copper Corp. ("Chakana"), that Chakana has completed a
non-brokered private placement of common shares and subscription receipts for total aggregate gross proceeds of C$10,000,000 (the
"Offering").
The completion of the Offering satisfies a condition precedent of the Proposed Transaction that Chakana complete a financing
for gross proceeds of a minimum of $4,000,000.
Pursuant to the Offering, Chakana issued a total of 8,602,500 common shares for aggregate proceeds of $4,301,250 and
11,397,500 subscription receipts (the "Subscription Receipts") for aggregate proceeds of $5,698,750.
The Subscription Receipts will convert, without payment of any additional consideration and without any further action
required by the subscribers, upon the satisfaction of certain escrow release conditions (the "Escrow Release
Conditions"), including satisfaction of the conditions precedent to the closing of the Proposed Transaction, into an
aggregate of 11,397,500 common shares of Chakana. Pursuant to the Proposed Transaction all of the Chakana common shares
issued in the Offering and the Chakana common shares issued upon conversion of the Subscription Receipts will be exchanged for
post-consolidation common shares of the Company. In connection with the Offering, Chakana paid finders fees to a group of
finders, including Eventus Capital Corp., consisting of the payment of aggregate cash fees of $323,487.50, the issuance of
170,715 common shares of Chakana and the issuance of an aggregate of 817,690 common share purchase warrants, with each whole
common share purchase warrant entitling the holder thereof to purchase one additional common share of Chakana at an exercise
price of $0.50 per common share at any time up until two years from the date of the closing of the Offering [NTD: There will be
at least two closing dates, so these won't all actually be the same date.]. Pursuant to the Proposed Transaction, the warrants
issued to the finders will be exercisable for post-consolidation common shares of Remo upon closing of the Proposed
Transaction.
Chakana intends to use the proceeds of the Offering, including the proceeds of the sale of subscription receipts upon the
satisfaction of the Escrow Release Conditions to fund the continuing 16,500m phase 1 drill program at Chakana's Soledad copper
gold project located in Peru and for general working capital purposes.
Additional information in respect of the Proposed Transaction and the Offering will be included in Remo's filing statement to
be filed in connection with the Proposed Transaction and which will be available on Remo's SEDAR profile at www.sedar.com.
ON BEHALF OF THE BOARD
Stephen Kenwood, President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
Exchange) accepts responsibility for the adequacy or accuracy of this release.
Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to, Exchange
acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where
applicable, the Proposed Transaction cannot close until the required shareholder approval is obtained. There can be no
assurance that the Proposed Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be
prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed
Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool
company should be considered highly speculative.
The Exchange has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the
contents of this press release.
This news release contains forward-looking statements relating to the timing and completion of the Proposed Transaction,
the future operations of the Company, Chakana, and the Resulting Issuer and other statements that are not historical facts.
Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar
expressions. All statements other than statements of historical fact, included in this release, including, without limitation,
statements regarding the Proposed Transaction and the future plans and objectives of the Company, Chakana, and the Resulting
Issuer are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from the Company's, Chakana's, and the Resulting Issuer's
expectations include the failure to satisfy the conditions to completion of the Proposed Transaction set forth above and other
risks detailed from time to time in the filings made by the Company, Chakana, and the Resulting Issuer with securities
regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, Chakana, and the
Resulting Issuer. As a result, the Company, Chakana, and the Resulting Issuer cannot guarantee that the Proposed Transaction will
be completed on the terms and within the time disclosed herein or at all. The reader is cautioned not to place undue reliance on
any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may
prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in
this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news
release are made as of the date of this news release and the Company, Chakana, and the Resulting Issuer will update or revise
publicly any of the included forward-looking statements as expressly required by Canadian securities law.