VANCOUVER, British Columbia, March 11, 2020 (GLOBE NEWSWIRE) -- Rio Silver Inc. ("Rio Silver" or the "Company") (TSX.V: RYO) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (the “Financing”) for gross proceeds of $264,400.
Upon the completion of the first tranche of the Financing the Company issued 5,288,000 units, (the “Units”) at a price of $0.05 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 $0.10 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 $0.10 per share until March 11, 2022.
Proceeds from the Financing will be used to advance the Company's Niñobamba silver and gold project in Peru by re-gaining social license 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
Rio Silver Inc. 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% owned flagship property, Ninobamba in Peru. Management continues to add shareholder value through effective and efficient exploration, strategic property acquisitions and sound financial management. For more information, please visit: https://www.riosilverinc.com/
For more information contact:
Christopher Verrico, President, CEO
Tel: (604) 762-4448
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not a guarantee of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.