Rio Silver's Private Placement Oversubscribed
Rio Silver's Private Placement Oversubscribed
VANCOUVER
,
Oct. 22, 2019
/CNW/ - Rio Silver Inc. ("Rio Silver" or the "Company") (TSX.V: RYO)
is pleased to announce that, further to its previous announcement on
September 3, 2019
, its private
placement of up to 10,000,000 units ("
Units
") of the Company at
$0.05
per Unit for gross proceeds
of up to
$500,000
(the "
Offering
") is now oversubscribed by an additional 1,520,000 Units or
$76,000
in gross proceeds.
Each Unit will consist of one common share of the Company and one common share purchase
warrant (each, a "
Warrant
") of the Company. Each Warrant will entitle the holder to acquire one
additional common share of the Company at a price of
$0.07
per share for a period of 18 months
from issuance, unless the closing price of the common shares of the Company is
$0.15
or higher for
twenty (15) consecutive trading days any time after the date that is four months and a day after
issue, in which case the Warrants will expire thirty (30) calendar days after notice to Warrant
holders announcing an earlier expiry date.
It is anticipated that certain insiders of the Company will participate in the Offering. The proceeds
from the Offering will be used to (i) continue its modest work on the Company's Niñobamba silver
and gold project in
Peru
; (ii) meet its immediate financial obligations and for working capital; and (iii)
explore new projects in
Peru
.
The Company may pay certain finders' fees in connection with a portion of the Offering subject to
the policies of the TSX Venture Exchange (the "
Exchange
"). The securities issued herein will be
subject to a four month statutory hold period. The closing of the Offering is subject to the approval
of the Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS OF RIO SILVER INC.
Chris Verrico
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts
responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties.
All statements within, other than statements of historical fact, are to be considered forward looking.
Although the Company believes the expectations expressed in such forward-looking statements
are based on reasonable assumptions, such statements are not guarantees of future performance
and actual results or developments may differ materially from those in forward-looking statements.
Factors that could cause actual results to differ materially from those in forward-looking statements
include market prices, exploitation and exploration successes, continued availability of capital and
financing, and general economic, market or business conditions. There can be no assurances that
such statements will prove accurate and, therefore, readers are advised to rely on their own
evaluation of such uncertainties. We do not assume any obligation to update any forward-looking
statements except as required by applicable laws.
SOURCE
Rio Silver
View original content:
http://www.newswire.ca/en/releases/archive/October2019/28/c8333.html
%SEDAR: 00015088E
For further information:
Chris Verrico, President, CEO, Tel: (604) 762-4448, Website:
www.riosilverinc.com
CO: Rio Silver
CNW 14:05e 28-OCT-19