Michael Murphy

March 12, 2010 16:58 ET

Michael Murphy Acquires Securities of Rhyolite Resources Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 12, 2010) - Mr. Michael Murphy (the "Offeror"), Suite 1028 - 550 Burrard Street, Vancouver, British Columbia, V6C 2B5, announces that he acquired ownership and control of 1,000,000 units (the "Acquired Units") of Rhyolite Resources Ltd. (the "Company") on March 10, 2010, each such Acquired Unit consisting of one common share of the Company (each, an "Acquired Share") and one share purchase warrant of the Company (each, an "Acquired Warrant"), representing approximately 10.9% of the issued and outstanding common shares of the Company (or approximately 19.6% on a partially diluted basis, assuming exercise of the Acquired Warrants only) immediately following the acquisition.

Accordingly, immediately following the transaction described above, the Offeror owns an aggregate of 1,000,000 Acquired Shares and 1,000,000 Acquired Warrants, representing approximately 10.9% of the issued and outstanding common shares of the Company (or approximately 19.6% on a partially diluted basis, assuming exercise of the Acquired Warrants only).

The Acquired Units were acquired from treasury in connection with a private placement of the Company completed on March 10, 2010. These transactions were effected for investment purposes and the Offeror could increase or decrease his investments in the Company at any time, or continue to maintain his current investment position, depending on market conditions or any other relevant factor. The Acquired Units were acquired for a purchase price of Cdn$0.25 per Acquired Unit for aggregate consideration of $250,000.

Additional Information

A copy of the applicable securities report filed in connection with the matters set forth above may be obtained by contacting Mr. Michael Murphy.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Mr. Michael Murphy
    (604) 649 2350