Rio Novo Gold Inc. (TSX:RN) (TSX:RN.WT) is pleased to announce that it has completed a non brokered private placement of 12,271,763 Ordinary Shares of the Company to Adair Investments Ltd. a private Bahamas based company, at an issue price of Cdn.$0.12 per share, for an aggregate subscription amount of Cdn.$1,472,612.
The number of Ordinary shares issued by this private placement is 7.37% of the currently outstanding Ordinary shares, and the issue price was at an approximately 17% discount to the 5 day V-WAP market price as at the date of the agreement. These shares are subject to the four month hold period prescribed under Canadian securities laws.
The proceeds of the private placement have been used for exploration license option payments in respect of the Company’s Almas project.
About Rio Novo
Rio Novo is focused on the acquisition, exploration and development of gold properties in Brazil and Colombia.
The Company’s goal is to become a producer of gold by bringing the Almas Gold Project, located in the State of Tocantins in Brazil, into production. Almas Project enjoys both established infrastructure, main grid hydropower in a proven and mining friendly jurisdiction and is permitted for construction.
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