Markets

Rio Silver Signs US$25 M LOI for Expenditures at Ninobamba Project in Peru, Announces Private Placement

A generic image of chart
Credit: Shutterstock photo

Rio Silver Inc. (RYO.V) has entered into a non-binding letter of intent with a public mining company whereby, subject to regulatory approval, the Optionee may initially earn a 51% interest in Rio Silver's Peruvian Subsidiary Minera Rio Plata S.A.C. which holds title to the Ninobamba Silver and Gold property by completing exploration expenditures and financial commitments totalling US $25 million over a five year period. The LOI is further subject to due diligence by the parties after which the parties intend to enter into a definitive agreement.

The LOI obligate the optionee to make the following payments to Rio Silver,

(i) US $100,000 upon the signing of the LOI,

(ii) US $250,000 upon the signing the Definitive Agreement

(iii) subscribe for units of the Company in the amount of C$500,000

under the Company's offering

(iv) C$500,000 payment or exercise of Series A warrants to be issued

under the Offering

(v) C$500,000 minimum payment or exercise of Series B warrants to be

issued under the Offering

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos