- Rio Silver (RYO) has announced its intention to issue up to $200,000 in convertible notes
- The notes will mature in two years and bear interest at the rate of 18 per cent per annum
- The company plans to use the proceeds for ongoing operations and general working capital purposes
- Rio Silver is a Canadian exploration and mine development company
- Rio Silver Inc. (RYO) opened trading at C$0.03
Rio Silver (RYO) has announced its intention to issue up to $200,000 in convertible notes on a non-brokered private placement basis.
Each note will be convertible into one common share at a conversion price of $0.05 per share during the first year and $0.10 during the second year.
The notes will mature in two years and bear interest at the rate of 18 per cent per annum, payable quarterly, until the notes are converted or repaid. Rio Silver will be entitled to repay, without any penalty, any portion of the principal amount of the notes, together with accrued and unpaid interest, at any time beginning four months after the notes are issued.
The company plans to use the proceeds for ongoing operations and general working capital purposes.
All securities issued will be subject to a statutory four-month hold period.
Rio Silver is a Canadian exploration and mine development company. Its project portfolio includes Ninobamba, Palta Dorado and Gerow Lake.
Rio Silver Inc. (RYO) opened trading at C$0.03.