Rio2 closes $23 million offering

2 minute read
17 April 2024

On April 17, 2024, Rio2 Limited ("Rio2" or the "Company") (TSXV: RIO) (OTCQX: RIOFF) (BVL: RIO) announced that it had closed its previously announced private placement, having sold a total of 59,030,000 common shares of the Company at a price of $0.39 per share (the "offering price") for gross proceeds to the Company of $23,021,700.

Rio2 entered into an agency agreement with Eight Capital and a syndicate of agents, including Cantor Fitzgerald Canada Corporation, Echelon Capital Markets, Pollitt & Co. Inc. and Raymond James Ltd., under which the Company sold, on a brokered "best efforts" basis, 25,640,000 shares at the offering price  pursuant to the listed issuer financing exemption available under Part 5A of National Instrument 45-106 – Prospectus Exemptions (the "LIFE offering") and 33,390,000 shares at the offering price pursuant to other exemptions under NI 45-106 and in accordance with other applicable securities laws in qualifying jurisdictions. ‎ 
Rio2 plans to use the net proceeds from the offering in preparation for the construction financing of the Fenix Gold Project in Chile later in 2024. 
Gowling WLG advised the syndicate of agents with respect to the offering with a team that included Peter Simeon, Ashley Andaya and Matthew Brooker, assisted by student-at-law Derek Varrin.

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