Rhyolite Resources closes $1.6M private placement

Vancouver (pcJ News Briefs) – Rhyolite Resources Ltd. (TSX-V: RYE) has closed previously announced brokered private placement of 16,000,000 units at $0.10 per unit for gross proceeds of $1,600,000.

Each unit consists of one common share and one-half share purchase warrant. Each warrant shall entitle the holder thereof to acquire one additional common share 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.

Leede Jones Gable Inc. acted as agent for the offering.

Proceeds will be used to finance potential acquisitions of new properties and for general working capital purposes.

Rhyolite Resources is evaluating new geological/geophysical data from its wholly owned Paxson gold project in Alaska. The Paxson gold project is located 50 km southwest of Tok in eastern Interior Alaska within the Yukon-Tanana terrane.

photo credit: Rhyolite Resources


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