2013-02-19 23:07:25 -
February 19, 2013, Toronto, Ontario, Canada- Rio Silver Inc. (TSX-V: RYO) (the "Company") is pleased to report that it has closed the last tranche of its previously announced private placement raising aggregate gross proceeds of $418,149.99. The last tranche consisted of $27,000 in gross proceeds by issuing 300,000 units of the Company. Over the three tranches an aggregate of 4,646,111 units (the "Units") were issued at $0.09 per Unit (including 4,346,111 Units previously announced). Each Unit issued under the third tranche consists of one common share of the Company and one common share purchase warrant exercisable at $0.12 per share until February 15, 2014.
In connection with the third tranche, no finder's fees were paid. All of the securities issued under
the third tranche will be subject to a statutory hold expiring on June 16, 2013.
The proceeds of the private placement will be used by the Company in connection with its exploration program at the Company's Ninobamba silver and gold project in Peru, and for working capital purposes.
ON BEHALF OF THE BOARD OF DIRECTORS OF
RIO SILVER INC.
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 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 the applicable laws.
For more information contact:
Dwight Walker, CFO
Tel: (416) 567-2785
This press release is available in PDF. Please click on the following link to view the PDF file: