On August 13, 2019, Rio2 Limited completed a bought deal private placement of 62,500,000 units at $0.40 per unit for aggregate gross proceeds of $25 million, which included the exercise in full of the over-allotment option granted to the underwriter. Each unit was comprised of one common share and one-half of one common share purchase warrant. Each whole warrant entitled the holder to acquire one common share at an exercise price of $0.50 for a period of 36 months following the closing of the offering.
Cormark Securities Inc. acted as sole underwriter in connection with the offering.
Cassels Brock acted for Cormark with a deal team that included Chad Accursi, James Lyle and Jasmine Qin (Securities and Mining).