Rio2 Announces Closing of Upsized Bought Deal for Gross Proceeds of C$191 Million

Core Viewpoint - Rio2 Limited has successfully closed an upsized bought deal financing, raising approximately C$191.13 million (around US$138 million) through the issuance of 86,094,750 subscription receipts at a price of C$2.22 each, which will be used for the acquisition of the Condestable Mine and general corporate purposes [1][2]. Financing Details - The net proceeds from the equity financing will be allocated to the cash consideration for the acquisition of the Condestable Mine and for general corporate and working capital needs [2]. - The financing was underwritten by Raymond James Ltd., Stifel Canada, and BMO Capital Markets, who acted as co-lead underwriters and joint bookrunners [2]. Conditions and Timeline - The net proceeds will be held in escrow until certain release conditions are met, including the completion of the acquisition as per the definitive agreement [3]. - If the release conditions are satisfied by March 31, 2026, holders of subscription receipts will receive one common share of Rio2 for each receipt held [3]. - The acquisition is anticipated to be completed in January 2026, subject to closing conditions [4]. Trading Information - The subscription receipts are expected to begin trading on the Toronto Stock Exchange under the ticker symbol "RIO.R" starting December 15, 2026 [4]. Company Overview - Rio2 Limited is a mining company focused on development and mining operations, particularly the Fenix Gold Project in Chile, with a commitment to high environmental standards and responsible development [5].