Vancouver, British Columbia--(Newsfile Corp. - February 28, 2017) - Rhyolite Resources Ltd. (TSXV: RYE) ("Rhyolite" or the
"Company") reports that the previously announced brokered private placement (January 26, 2017) of up to a maximum of 16,000,000
Units at a price of $0.10 per Unit has been increased to 20,000,000 Units at a price of $0.10 per Unit for gross proceeds of
$2,000,000 (the "Offering").
Each Unit will consist of one (1) common share and one-half (1/2) share purchase warrant of Rhyolite ("Warrant"). Each whole
Warrant shall entitle the holder thereof to acquire one additional common share of Rhyolite at an exercise price of $0.15 per share
at any time on or before the date which is 24 months after the closing date of the Offering.
Leede Jones Gable Inc. (the "Agent") is acting as agent for the Offering. On closing, the Company may pay the Agent a commission
in cash and/or warrants.
Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including that of the TSX
Venture Exchange.
The funds raised from the issuance of the Units shall be used to finance potential acquisitions of new properties and for
general working capital purposes.
ON BEHALF OF THE BOARD OF DIRECTORS OF
RHYOLITE RESOURCES LTD.
"Richard Graham"
Director, President and CEO
For further information please contact:
Richard Graham, P.Geol.
Telephone: 604-689-1428
Cautionary Statement for Forward Looking Information
Certain information set forth in this press release contains forward-looking statements. Specifically, this press release
contains forward-looking statements concerning the anticipated use of proceeds of the Offering and the anticipated closing of the
Offering. The anticipated closing date assumes that prior to that date, the Company will obtain all necessary regulatory approvals.
The anticipated use of proceeds assumes that the Offering will occur as contemplated and assumes the existence of certain other
conditions with respect to the capital expenditure program of the Company, general economic conditions, industry conditions,
currency fluctuations, commodity prices. In each case, the risk factors that could cause actual results to vary from results
expressed or implied by the forward looking statements contained in this press release are primarily events beyond the Company's
control that preclude the Company from satisfying all applicable pre-conditions and include the risks that the Offering may not
close, general economic conditions, industry conditions, currency fluctuations, volatility of commodity prices, exploration risk,
escalation of operating and capital costs, the ability to access sufficient capital from internal and external sources and
competition from other industry participants for, among other things, capital, services, acquisitions of new properties . These
forward-looking statements may prove to be incorrect and undue reliance should not be placed on them. These forward-looking
statements are made as of the date hereof and unless otherwise required by applicable law, the Company does not intend and does not
assume any obligation to update or revise such forward-looking statements, whether as a result of new information, future events or
otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
