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
