- Rio Silver (TSXV:RYO) announced a C$3 million non-brokered private placement financing led by world-renown mining investor, Eric Sprott
- The junior mining company is advancing high-grade, silver-dominant assets in Peru, the world’s second-largest silver producer
- Rio Silver stock has added 580 per cent year-over-year
Rio Silver (TSXV:RYO) announced a C$3 million non-brokered private placement financing led by world-renown mining investor, Eric Sprott, who became the company’s largest shareholder in 2018.
Rio will use the funds to advance its Maria Norte project in Peru, including access development and metallurgical programs, which resides in one of the most prolific silver belts in the world. The project boasts both high-grade mineralization in the hundreds of grams of silver per ton and the infrastructure required to pursue aggressive development.
Maria Norte is complemented by the Santa Rita project 55 km to the northwest, which shares a metallogenic belt with numerous significant deposits and yielded rock-chip samples up to 2,668 grams per ton (g/t) of silver, 5 per cent zinc and 48.5 per cent lead.
As part of the financing, Rio Silver will issue 8,571,429 units priced at C$0.35, with each unit consisting of one common share and one-half of one share purchase warrant, and each warrant entitling the holder to buy one additional share for C$0.50 for 24 months from the date of issuance. The company may accelerate the warrant expiry, should shares trade higher than C$0.75 for fifteen consecutive trading days.
About Rio Silver
Rio Silver is a junior mining company advancing high-grade, silver-dominant assets in Peru, the world’s second-largest silver producer. The company’s technical and operational team brings robust experience with geology, underground mining and district-scale exploration in Peru.
Rio Silver stock (TSXV:RYO) is unchanged trading at C$0.68 as of 9:45 am ET. The stock has added 580 per cent year-over-year.
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