Rio Silver Inc. announced a non-brokered private placement of up to 10,000,000 units at an issue price of CAD 0.05 per unit for the gross proceeds of CAD 500,000 on May 18, 2023. Each unit will consist of one common share of the company and one share purchase warrant. Each warrant will entitle the holder to acquire one additional common share of the company at a price of CAD 0.08 per common share.

The warrants will expire 18 months from the date of issuance unless the closing price of the common shares of the company is CAD 0.15 or higher for 15 consecutive trading days any time after the date that is four months after closing, in which case the warrants will expire 30 days after notice to the warrant holders through a news release announcing an earlier expiry date. The transaction may include participation from certain insiders. The company may pay certain finders' fees in connection with a portion of the offering, subject to the policies of the TSX Venture Exchange.

All securities issued in connection with the offering will be subject to a statutory hold period of four months and a day commencing from the date of issuance. The closing of the offering is subject to regulatory approval, including exchange acceptance.