C$1,600,000 Private Placement THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES
NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Riley Gold Corp. (TSX.V: RLYG) (OTCQB: RLYGF) (“Riley Gold” or the “Company”) is pleased to announce a non-brokered private placement of up to 4,000,000 units at C$0.40 per Unit (“Units”) for total gross proceeds of up to C$1,600,000 (the “Private Placement”).
“We are very pleased to date with our high-grade gold surface and drill results at the Tokop Gold Project (“Tokop”) in the Walker Lane Trend. We are raising additional capital, within our tight structure, to expand our exploration and knowledge base at Tokop with additional geophysics, mapping and drilling beyond our first program. Additionally, we want to accelerate initial work at our Pipeline West/Clipper Project that adjoins the Nevada Gold Mines JV (joint venture amongst Barrick and Newmont) in the Battle Mountain-Eureka Trend. Our projects have very promising mineralization signatures within world-class precious metals trends in the mining-friendly State of Nevada,” commented Todd Hilditch, CEO.
Private Placement:
Each Unit will be comprised of one common share of the Company (a “Share”) and one-half of one share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder thereto to purchase for a period of twenty-four (24) months one additional Share (a “Warrant Share”) at an exercise price per Warrant Share of C$0.60.
All securities issued under the Private Placement will be subject to a hold period of four months and one day from the closing date. The Company may pay finders’ fees in cash or issue finder’s units. The Private Placement and finders’ fees are subject to regulatory approval.
Net proceeds of the Private Placement will be used for project exploration and general working capital purposes.