Rio Silver arranges $1.3 million private placement financing

Rio Silver Inc. (TSX.V: RYO) (OTC: RYOOF) announced a non-brokered private placement financing of up to 13 million units priced at $0.10 per unit for gross proceeds of up to $1.3 million.

Each unit consists of one common share and one transferable warrant. The warrants are exercisable at $0.15 per share for three years from closing. Rio Silver may accelerate the warrant expiry date if its common shares close at or above $0.25 on the TSX Venture Exchange for 15 consecutive trading days, with warrants expiring 30 days after notice.

The private placement may close in multiple tranches subject to TSX Venture Exchange approval. The company may pay finder's fees or commissions up to 8% and issue broker warrants to parties assisting with investor introductions.

Rio Silver stated the proceeds will fund exploration and development of its projects in Peru and general working capital purposes. The Vancouver-based company focuses on precious metal assets in Peru.

The information is based on a company press release.

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