Rio Silver announces $3 million private placement financing

Rio Silver Inc. (TSX-V: RYO | OTC: RYOOF) announced a non-brokered private placement financing for gross proceeds of up to $3 million, according to a company statement.

The Vancouver-based mining company plans to issue up to 8,571,429 units at $0.35 per unit, subject to regulatory approval. Each unit consists of one common share and one-half of a common share purchase warrant. The warrants allow holders to acquire additional common shares at $0.50 per share for 24 months from issuance, with accelerated expiry provisions if shares trade above $0.75 for 15 consecutive trading days.

The company stated it intends to use net proceeds to advance its Maria Norte Project in Peru, including access development and metallurgical programs, as well as general working capital purposes.

The financing requires approval from the TSX Venture Exchange. Securities issued under the offering will be subject to a four-month-and-one-day statutory hold period under applicable securities laws. Rio Silver may pay finders' fees in connection with the offering in accordance with TSX Venture Exchange policies.

The company noted that securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States without registration or applicable exemption.

Rio Silver operates silver-focused mining assets in Peru and describes itself as advancing development opportunities within established mineral belts in the country.

You May Also Be Interested In

• NordX Metals completes $1.2 million private placement
• IQM names Barbara Venneman to board ahead of planned Nasdaq listing
• Wafra to acquire Navitas Credit for $1.9 billion from United Community