Rio Grande Resources closes $2.55M private placement

Rio Grande Resources Ltd. (CSE: RGR, OTCQB: RGRLF, FSE: 488) has closed a non-brokered private placement raising gross proceeds of $2,546,500 through the issuance of 12,732,500 units at $0.20 per unit.

Each unit consists of one common share and one transferable warrant, with each warrant exercisable at $0.40 per share for two years from the date of issuance. The company said the placement was oversubscribed.

Net proceeds will be directed toward exploration activities and general corporate purposes. The company paid $141,510 in finder's fees and issued 707,550 finder's warrants, each exercisable at $0.34 per share for two years.

All securities issued are subject to a hold period of four months and one day under Canadian Securities Exchange regulations. The securities have not been registered under the U.S. Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption.

Rio Grande Resources is a mineral exploration company with a 3,000-acre property in Sierra County, New Mexico, focused on gold and silver exploration.

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