Riley Gold Corp. announced a non-brokered private placement of up to 8,000,000 units at a price of CAD 0.15 per unit for gross proceeds of up to CAD 1,200,000 on March 14, 2024. Each unit will be comprised of one common share and one share purchase warrant.

Each warrant to be issued to Kinross Gold Corporation will entitle to purchase for a period of sixty months one additional share at an exercise price of CAD 0.25. The remaining warrant will entitle the holder to purchase for a period of twenty-four months one additional share at an exercise price of CAD 0.25. The transaction included participation from new investor Kinross Gold Corporation subscribing for a 9.9% ownership interest in the company on a partially diluted basis including share purchase warrants, certain directors and officers of the company.

All securities issued under the private placement will be subject to a hold period of four months and one day from the closing date. The company may pay finders' fees in cash. The private placement and finders' fees are subject to regulatory approval.