Rio Silver Announces Closing of the Private Placement

Core Points - Rio Silver Inc. has successfully closed a non-brokered private placement, issuing 22,000,000 units at a price of $0.10 per unit, resulting in gross proceeds of $2,200,000 [1][2] Group 1: Offering Details - Each unit consists of one common share and one share purchase warrant, with the warrant exercisable at $0.15 per share for three years, subject to early expiry conditions [2] - The company paid finders' fees totaling $70,920 in cash and issued 709,200 finder's warrants, which have the same terms as the warrants issued in the offering [3] Group 2: Use of Proceeds - The net proceeds from the offering will be allocated towards exploration and development projects in Peru, the Gerow Lake project in Northern Ontario, and general working capital [4] - The company will not use proceeds for the Maria Norte project until it receives approval from the TSX Venture Exchange [4]