Rio2 Announces Pricing and Upsize To Previously Announced Overnight Marketed Public Offering

Rio2 Announces Pricing and Upsize To Previously Announced Overnight Marketed Public Offering

Benzinga
October 22, 2024

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Oct. 22, 2024 (GLOBE NEWSWIRE) -- Rio2 Limited ("Rio2" or the "Company") (TSXV:RIO, OTCQX:RIOFF, BVL: RIO)) is pleased to announce that it has priced and upsized its previously announced overnight marketed public offering (the "Public Offering") of common shares (the "Common Shares") of the Company from up to C$40 million to C$55 million. Overall, 84,615,400 Common Shares will be issued at a price of C$0.65 per Common Share.

The Public Offering is being conducted on a best efforts agency basis pursuant to the terms and conditions of an agency agreement to be entered into between the Company and Raymond James Ltd. and Eight Capital as joint bookrunners and co-lead agents on behalf of a syndicate of agents, which includes Paradigm Capital Inc., Cantor Fitzgerald Canada Corporation and Pollitt & Co. Inc. (collectively, the "Agents").

The Company will also grant the Agents an option (the "Agents' Option"), exercisable at the offering price on or before two days prior to closing date of the Public Offering, to offer on a best-efforts basis up to an additional 15% of the Common Shares sold in the Public Offering to cover over-allotments, if any.

In all other respects, the terms of the Public Offering and use of proceeds therefrom will remain as previously disclosed in the original press release dated October 21, 2024.

The Public Offering is expected to close on or about October 29, 2024, subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

The Company announces that the previously announced non-brokered C$5 million private placement to Wheaton Precious Metals International Ltd. or an affiliate will also be conducted at a price of C$0.65 per Common Share (the ...

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