RIO SILVER ANNOUNCES CLOSE OF PRIVATE PLACEMENT
Rio Silver Inc. has closed the first tranche of its previously announced non-brokered private placement for gross proceeds of $264,400.
Upon the completion of the first tranche of the financing, the company issued 5,288,000 units at a price of five cents per unit. Each unit consists of one common share and one transferable share purchase warrant. Each whole warrant is exercisable into one additional common share of the company at a price of 10 cents per share until March 11, 2022.
The company paid finders’ fees of $4,000 in cash and issued 80,000 broker warrants, with each such broker warrant entitling the holder thereof to acquire one common share of the company at a price of 10 cents per share until March 11, 2022.
Proceeds from the financing will be used to advance the company’s Ninobamba silver and gold project in Peru by regaining social licence within the local district, for working capital, and to explore potential precious metal projects in Peru that offer near-term revenue potential and other working capital purposes.
The securities issued under the financing will be subject to a statutory hold until July 11, 2020.
About Rio Silver Inc.
Rio Silver is a Canadian-based resource company with a mandate to acquire, explore and develop precious metal deposits in the Americas. Rio Silver’s experienced Peruvian exploration team is instrumental in planning and conducting the work program at its 100-per-cent-owned flagship property, Ninobamba in Peru. Management continues to add shareholder value through effective and efficient exploration, strategic property acquisitions, and sound financial management.
- Published in Gold, Mining, News Home, Rio Silver