Rainy Mountain Closes Non-Brokered Private Placement
Trading symbols: TSX-V: RMO
News Release No. 12-03
Rainy Mountain Closes Non-Brokered Private Placement
West Vancouver, British Columbia – May 17, 2012 – Rainy Mountain Royalty Corp. (the “Company” or “Rainy Mountain”) is pleased to announce that, further to its news release dated March 29, 2012, Rainy Mountain has closed its non-brokered private placement (the “Private Placement”). The Company has raised $85,150 by the issuance of 1,010,000 flow through shares (the “FT Shares”) at $0.065 per FT Share and 300,000 non-flow through units (the “NFT Units”) at a price of $0.065 per NFT Unit. Each NFT Unit consists of one common share and one-half of a share purchase warrant, with each whole warrant entitling the holder to purchase an additional common share for a period of 2 years at an exercise price of $0.10. In connection with the Private Placement, finders’ fees were paid in the amount of $2,437.50 (which were paid through the issuance of 37,500 non-flow through shares). All of the securities issued pursuant to this Private Placement are subject to a hold period expiring on September 17, 2012.
The Company has used the proceeds from this Private Placement for the continued exploration and advancement of the Company’s Eva Kitto Property project in Ontario and for general working capital purposes. The Eva Kitto Property is a “PGE” (Platinum Group Elements) exploration project and is located approximately 190 kilometres northeast of Thunder Bay, Ontario. The Property is jointly owned by Rainy Mountain and International Bethlehem Mining Corp.
For further information, contact Mr. Clive Shallow, Shareholder Communications, at 604-922- 2030, or visit the Company’s website at www.rmroyalty.com.
RAINY MOUNTAIN ROYALTY CORP.
“Douglas L. Mason”
_________________________________ Douglas L. Mason, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
2489 Bellevue Avenue, West Vancouver, BC V7V 1E1 Tel 604 922 2030 Fax 604 922 2037