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Rhyolite Resources Ltd. Announces Increase to Previously Announced Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - February 28, 2017) - Rhyolite Resources Ltd. (T...
About this update from Rhyolite Resources Ltd.
[{"type":"text","content":"\nRhyolite Resources Ltd. Announces Increase to Previously Announced Private Placement FinancingVancouver, British Columbia--(Newsfile Corp. - February 28, 2017) - Rhyolite Resources Ltd. (TSXV: RYE) (\"Rhyolite\" or the \"Company\") reports that the previously announced brokered private placement (January 26, 2017) of up to a maximum of 16,000,000 Units at a price of $0.10 per Unit has been increased to 20,000,000 Units at a price of $0.10 per Unit for gross proceeds of $2,000,000 (the \"Offering\").Each Unit will consist of one (1) common share and one-half (1/2) share purchase warrant of Rhyolite (\"Warrant\"). Each whole Warrant shall entitle the holder thereof to acquire one additional common share of Rhyolite at an exercise price of $0.15 per share at any time on or before the date which is 24 months after the closing date of the Offering.Leede Jones Gable Inc. (the \"Agent\") is acting as agent for the Offering. On closing, the Company may pay the Agent a commission in cash and/or warrants. Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including that of the TSX Venture Exchange.The funds raised from the issuance of the Units shall be used to finance potential acquisitions of new properties and for general working capital purposes.ON BEHALF OF THE BOARD OF DIRECTORS OFRHYOLITE RESOURCES LTD.\"Richard Graham\"Director, President and CEOFor further information please contact: Richard Graham, P.Geol.Telephone: 604-689-1428Cautionary Statement for Forward Looking InformationCertain information set forth in this press release contains forward-looking statements. Specifically, this press release contains forward-looking statements concerning the anticipated use of proceeds of the Offering and the anticipated closing of the Offering. The anticipated closing date assumes that prior to that date, the Company will obtain all necessary regulatory approvals. The anticipated use of proceeds assumes that the Offering will occur as contemplated and assumes the existence of certain other conditions with respect to the capital expenditure program of the Company, general economic conditions, industry conditions, currency fluctuations, commodity prices. In each case, the risk factors that could cause actual results to vary from results expressed or implied by the forward looking statements...