Rio Grande Resources raises exploration funds

Rio Grande Resources Ltd. [CSE: RGR; OTC PINK: RGRLF] reported non-brokered private placement of up to 13,328,900 units of the company at a price of $0.10 per Unit for gross proceeds of up to $1,332,890.

Each Unit will consist of one common share and one transferrable common share purchase warrant. Each Warrant entitles the holder to purchase one additional share of the company at a price of $0.20 per share for a period of 30 months from the date of issuance.

Directors and officers of the company may acquire securities under the private placement, which will be considered a “related party transaction” as defined under Multilateral Instrument 61-101. Such participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

Net proceeds from the placement will be allocated towards exploration activities and for general corporate purposes. Closing of the private placement is expected to occur on or around June 06, 2025.

Rio Grande Resources is focused on unlocking the high-grade gold and silver potential within its 3,000-acre drill-ready property in the Black Range of Sierra County, New Mexico. The company holds 100% interest in the Winston project group, which includes the two patented historic Ivanhoe & Emporia Claims, and Little Granite mines, all known for their past production of high-grade precious metals.