RAIN City Resources Inc. Announces Proposed Private Placement and Debt Settlement
(CSE –RAIN)
Suite 200 – 551 Howe Street Vancouver, B.C., V6C 2C2
RAIN CITY RESOURCES INC. ANNOUNCES PROPOSED PRIVATE PLACEMENT AND DEBT SETTLEMENT
May 14, 2020 – Rain City Resources Inc. (CSE:RAIN). (the "Company") is pleased to announce a private placement financing of up to $100,000 units (the “Units”) of the Company at a price of $0.05 per unit (the “Offering”). Each unit consists of one common share of the Company and one share purchase warrant with each warrant exercisable at a price of $0.065 per share for a period of one year form the date of issuance. The proceeds of the Offering will be used for working capital purposes.
The Company also announces that it has agreed settle outstanding indebtedness of $60,450 in common shares at a price of $0.05 per share (the “Settlements”).
The Settlement and the Offering are subject to CSE approval. The securities issued under the Settlement and Offering will be subject to a statutory hold period expiring four months and one day from the date of issuance.
On Behalf of the Board
Richard Penn, CEO Rain City Resources Inc.
FOR FURTHER INFORMATION PLEASE CONTACT: Richard Penn – director at 1-778-384 8923
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the business plans for the Company as described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which are available at www.sedar.com.
The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.