VANCOUVER, British Columbia, April 27, 2020 (GLOBE NEWSWIRE) -- Rio Silver Inc. ("Rio Silver" or the "Company") (TSX.V: RYO) announces a relief private placement financing of up to $160,000. The proceeds of the private placement will be used to fund ongoing operational expenditures, demand loan payments and critical sustaining costs including concession taxes in Peru. The Company’s critical planned path of development in Peru has been delayed, along with the entire local mining industry, for a few more weeks when the Nation is expected to resume all mining activity. Shortly thereafter the company expects to be able to announce commencement of the planned bulk sampling activities at its wholly owned Palta Dorada gold/silver/copper project where Peruvian Metals Corp. is spending US$250,000.00 to earn a 50% interest. Both Companies will share revenue generated by the sale of concentrates beyond direct operational costs.
The non-brokered private placement will be up to 6,400,000 units of the company, at $0.025 per unit, for gross proceeds of up to $160,000. Each unit will consist of one common share of the company and one common share purchase warrant of the company. Each warrant will entitle the holder to acquire one additional common share of the company at a price of $0.08 per share for a period of 24 months from issuance, unless the closing price of the common shares of the company is $0.20 or higher for 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 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.
About Rio Silver
Rio Silver Inc. is a Canadian-based resource company with a mandate to acquire, explore and develop precious metal deposits in the Americas. Rio Silver’s experienced Peruvian exploration team is instrumental in planning and conducting the work program at its 100% owned flagship property, Ninobamba in Peru. Management continues to add shareholder value through effective and efficient exploration, strategic property acquisitions and sound financial management. For more information, please visit https://www.riosilverinc.com/.
For more information contact:
Christopher Verrico, President, CEO
Tel: (604) 762-4448
Email: chris.verrico@riosilverinc.com
Website: www.riosilverinc.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) 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 a guarantee 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.