June 22, 2018, Toronto, Ontario, Canada – Rio Silver Inc. (“Rio Silver” or the “Company”) (TSX.V: RYO) announces that it intends to settle an aggregate of $42,894 of indebtedness (the “Debt”) owed to certain arm’s length and non-arm’s length creditors through the issuance of an aggregate of 857,879 common shares at a deemed issuance price of $0.05 per common share (the “Transaction”), of which 497,200 common shares will be issued to non-arm’s length creditors. All common shares issued to settle the Debt will be subject to a hold period of four months and one day from the date of issuance. The Transaction is subject to TSX Venture Exchange approval. Completion of the Transaction will allow the Company to improve its current working capital deficiency position.
And for those who shrug shoulders and give it the “Hey it’s only $43k” or “What’s so special about this one?”, your complacence is why the Canadian mining scene is as FUBAR as it is.