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Rio Silver Closes $3.0M Private Placement with Eric Sprott as Lead Investor
VANCOUVER, British Columbia , March 31, 2026 (GLOBE NEWSWIRE) -- Rio Silver Inc. (the "Company" o...
About this update from Rio Silver Inc.
Rio Silver Closes $3.0M Private Placement with Eric Sprott as Lead Investor VANCOUVER, British Columbia , March 31, 2026 (GLOBE NEWSWIRE) -- Rio Silver Inc. (the "Company" or "Rio Silver") (TSX.V: RYO) (OTC: RYOOF) is pleased to announce that it has closed its non-brokered private placement (the “Offering”), previously announced on February 25, 2026, by issuing an aggregate of 8,571,429 units (the "Units") of the Company at a price of $0.35 per Unit for gross proceeds of $3,000,000. Each Unit is comprised of one common share of the Company and one-half of a common share purchase warrant (each whole warrant, a "Warrant"), with each Warrant exercisable to purchase an additional common share of the Company at a price of $0.50 per common share for a period of 24 months from the date of issue, subject to early expiry in the event that the closing price of the common shares of the Company on the TSX Venture Exchange is $0.75 or higher for fifteen consecutive trading days at any time after the closing of the Offering, upon which the Warrants will expire thirty calendar days after notice to warrant holders through the Company’s announcement with respect to the early expiry date. All securities issued are subject to a statutory 4-month hold period expiring on July 28, 2026. No finders fees or commission were paid in connection with the closing of the Offering. The Company intends to use the net proceeds of the Offering for advancement of the Company’s Maria Norte Project in Peru, access development, metallurgical programs, and for general working capital purposes. Eric Sprott through 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired an aggregate of 5,714,285 Units pursuant to the Offering for total consideration of $1,999,999.75. Prior to the Offering, Mr. Sprott did not beneficially own or control any securities of the Company. As a result of the Offering, Mr. Sprott now beneficially owns or controls 5,714,285 Common Shares and 2,857,143 Warrants of the Company, representing approximately 10.0% on an undiluted basis and 14.3% on a partially-diluted basis assuming the full exercise of such Warrants held by the Offeror. The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions o...