Business
Rio2 Announces Closing of Upsized Bought Deal for Gross Proceeds of C$191 Million
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATE...
About this update from Rio2 Limited
[{"type":"text","content":"Rio2 Announces Closing of Upsized Bought Deal for Gross Proceeds of C$191 Million\n\n\n\n\n NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES\n \n\n\n VANCOUVER, British Columbia, Dec. 15, 2025 (GLOBE NEWSWIRE) -- Rio2 Limited (“Rio2” or the “Company”) (TSX: RIO; OTCQX: RIOFF; BVL: RIO) is pleased to announce the closing of its previously announced and upsized bought deal financing (the “Equity Financing”) of 86,094,750 subscription receipts of the Company (the “Subscription Receipts”), at a price per Subscription Receipt of C$2.22, for aggregate gross proceeds to the company of C$191,130,345, or approximately US$138 million, which included the full exercise of the Over-Allotment Option.\n \n\n The net proceeds of the Equity Financing will be used to address the cash consideration of the acquisition of the Condestable Mine (the “Acquisition”), and for general corporate and working capital purposes.\n \n\n The Equity Financing was underwritten by Raymond James Ltd. (“Raymond James”), Stifel Canada, and BMO Capital Markets (“BMO”), the co-lead underwriters and joint bookrunners (collectively, the “Underwriters”).\n \n\n The net proceeds from the Equity Financing will be held in escrow pending satisfaction or waiver of certain release conditions, including the satisfaction or waiver of all conditions to the completion of the Acquisition substantially in accordance with the terms of the definitive acquisition agreement (the “Agreement”), other than the payment of the purchase price (“Release Conditions”). If the Release Conditions are satisfied on or prior to 11:59 pm (Eastern time) on March 31, 2026 (the “Outside Date”), such proceeds will be released to the Company, and each holder of Subscription Receipts will receive, without additional consideration and without further action, one Rio2 common share, subject to customary adjustment provisions, for each Subscription Receipt held upon closing of the Acquisition. If (i) the closing of the Acquisition does not occur on or prior to on the Outside Date; (ii) the Company advises the Underwriters or announces to the public that it does not intend to proceed with the Acquisition, or (iii)...