Rio2 Ltd Expands Private Placement to C$23 Million

Rio2 Ltd (TSE:RIO) has released an update.

Rio2 Ltd is expanding its private placement to raise up to C$23 million, evidencing strong investor support and exceeding the initial C$10 million target. This funding boost will largely support the development of the Fenix Gold Project, with the intent of positioning Rio2 for securing construction financing later in the year. The offering, which includes common shares exempt from the standard hold period, is expected to close around April 17, 2024.

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