- A coalition of concerned investors from RevoluGROUP Canada (TSXV:REVO) issued a scathing public statement, expressing “grave concerns” over a financing agreement reportedly signed with Brinks Resources Ltd.
- RevoluGROUP’s management claims that a full due diligence process was conducted. The proxy group, however, finds this assertion “utterly incomprehensible”
- In a direct appeal to RevoluGROUP’s legal counsel, the group demands written answers within five days to key compliance questions
- RevoluGROUP Canada stock (TSXV:REVO) last traded at $0.02
A coalition of concerned investors representing over 10 per cent of RevoluGROUP Canada’s (TSXV:REVO) share capital has issued a scathing public statement, expressing “grave concerns” over a financing agreement reportedly signed with Brinks Resources Ltd. — a little-known U.K. entity with alleged ties to previously sanctioned financial networks.
This content has been prepared as part of a partnership with RevoluGROUP Canada Inc. and is intended for informational purposes only.
According to the proxy shareholder group, Brinks Resources was incorporated in October 2024 with a nominal capital of just £100 (approximately C$170) and has no known operational activity or financial disclosures. The group emphasized that the company bears no relation to the globally recognized security firm, The Brink’s company.
Despite these red flags, RevoluGROUP’s current management, led by Gavin McMillan, claims that a full due diligence process — including know your customer and know your business checks — was conducted. The proxy group, however, finds this assertion “utterly incomprehensible,” noting that even basic online searches and AI tools revealed troubling information about Brinks Resources and its sole director.
Further compounding the controversy, RevoluPAY Spain — a regulated subsidiary of RevoluGROUP — reportedly submitted a formal compliance report to the Board. The report warned of significant regulatory risks and highlighted connections between Brinks Resources and entities involved in the Bandenia network, a group of companies previously implicated in a major Spanish money laundering investigation. The proxy group claims this report was ignored by management.
The loan agreement itself is shrouded in secrecy. According to the proxy group, the deal:
- May be convertible into shares under undisclosed terms, risking shareholder dilution
- Could include governance-altering clauses, potentially impacting Board composition and shareholder rights
- Was signed by a director with past affiliations to Bandenia-linked companies in Spain and Cyprus
To date, RevoluGROUP has not publicly disclosed the loan, despite TSX Venture Exchange policies, which mandate timely disclosure of all material agreements.
The proxy shareholder group has now issued a final proposal to the Board:
- Immediate cancellation of the Brinks Resources loan
- Substitution of financing by the proxy group or other shareholders under equal or better terms
- Confirmation of a C$350,000 loan offer to repay debts and restore TSX listing compliance
In a direct appeal to RevoluGROUP’s legal counsel, the group demands written answers within five days to key compliance questions, including whether the loan complies with TSX and BCSC regulations, whether it is convertible, and whether it poses risks to the company’s licenses in Spain, Canada, or the U.S.
“This proposal represents our final amicable attempt to protect the company and its shareholders,” the statement concludes. “Continued opacity serves only those receiving remuneration while RevoluGROUP deteriorates further.”
The proxy group is urging all shareholders — regardless of affiliation — to demand transparency and accountability from the Board, and to escalate concerns to the TSX Venture Exchange and the British Columbia Securities Commission.
RevoluGROUP Canada Inc. is focused on digital payments and related technology.
RevoluGROUP Canada stock (TSXV:REVO) last traded at $0.02 and has lost 60.00 per cent since July 2024.
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