Uncategorized
Share this news article...
Share on LinkedIn
Linkedin
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Email this to someone
email

Rio2 Limited Closes Final Tranche of Non-Brokered Private Placement

 

 

 

 

 

Rio2 Limited (TSX-V: RIO) (BVL:RIO) is pleased to announce that it has closed the second and final tranche of its non-brokered private placement previously announced on February 14, 2019. Together with the first tranche closing, the Company issued 15,217,391 Units for aggregate gross proceeds of $7,000,000.

 

Pursuant to the closing of this tranche, the Company issued 2,593,866 units at $0.46 per Unit for a total gross proceeds of $1,193,178. Each Unit consists of one common share of Rio2 and one whole Common Share purchase warrant. Each Warrant will entitle the holder thereof to acquire one additional Common Shares at a price of $0.65 per Common Share for a period of two years following the issuance of the Warrant.

 

Jose Luis Martinez, Executive Vice President, commented: We are pleased to see that this has been a successful transaction given the challenging market conditions. We are thankful to existing shareholders and a number of new institutional and retail investors predominantly from US, UK and Europe that have enabled us to exceeded our initial financing target size and expand our investor base.

 

The Corporation will use the net proceeds of the Offering for work and studies in connection with completion of an updated resource estimate for the Company’s Fenix Gold Project, including the 7,000 meter drilling program and surface sampling program, and the Company’s ongoing water options study and environmental baseline studies and for general working capital purposes, including expenses of the Offering.

 

Finders acting in connection with the closing of this tranche received a finder’s fee in the aggregate total amount of $56,784.

 

The Common Shares and the Warrants issued pursuant to the Offering, and any Common Shares issued upon the exercise of Warrants, would be subject to a hold period of four months plus one day from the date of issuance, except as permitted by applicable securities legislation and the rules of the TSX Venture Exchange. Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including TSXV final acceptance. 

 

ABOUT RIO2 LIMITED

 

Rio2 Limited is building a multi-asset, multi-jurisdiction, precious metals company focused in the Americas. With the Fenix Gold Project in development in Chile and exploration platforms in Peru and Central America, Rio2 Limited will continue pursuing additional strategic acquisitions to compile an attractive portfolio of precious metals assets where it can deploy its operational excellence and responsible mining practices to create value for its shareholders. Rio2 Limited has assembled a highly experienced executive team to generate significant shareholder value, with proven technical skills in the development and operations of mines and capital markets experience. Through its strategy of acquiring precious metals assets at exploration, development, and operating stages, the executive team will grow Rio2 Limited and create long-term shareholder value through the development of high-margin, strong free cash-flowing mining operations.

 

Posted March 13, 2019

Share this news article...
Share on LinkedIn
Linkedin
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Email this to someone
email

MORE or "UNCATEGORIZED"


Argo Gold Drills 132 g/t Gold over 1.8 m At Its Flagship Woco Gold Project

Argo Gold (CSE: ARQ) is pleased to announce the first batch of dr... READ MORE

March 22, 2019

ATAC Resources Ltd. Closes Oversubscribed $3.68M Private Placement

ATAC Resources Ltd. (TSX-V: ATC) announces that it has closed the... READ MORE

March 22, 2019

Golden Arrow Closes Oversubscribed Final Tranche of the Private Placement

Golden Arrow Resources Corporation (TSX-V: GRG) (FSE: G6A) (OTCQB... READ MORE

March 22, 2019

Fertilizer Industry Concerned Over Lack of Consultation on Saskatchewan Government's $117 Million Potash Tax Hit

Fertilizer Canada is concerned about the lack of consultation fro... READ MORE

March 21, 2019

Great Bear Drills Multiple High-Grade Gold Veins in Hinge Zone Including 30.15 g/t Gold Over 7.25m

Great Bear Resources (TSX-V: GBR) reported drill results from the... READ MORE

March 21, 2019

Copyright 2019 The Prospector News - Site design by Spyderbaby Productions