Chinook Financial Ltd., Stuart Hensman, Lyle Dunkley & Louis MacEachern

June 05, 2009 17:52 ET

Chinook Financial Ltd., Stuart Hensman, Lyle Dunkley & Louis Maceachern Acquire Additional Position in Ria Resources Corp.

CALGARY, ALBERTA--(Marketwire - June 5, 2009) - Chinook Financial Ltd. ("Chinook"), Stuart Hensman ("Hensman"), Lyle Dunkley ("Dunkley") and Louis MacEachern ("MacEachern") issues this press release pursuant to Part 3 - Early Warning Requirements of National Instrument 62-103 with respect to Ria Resources Corp. (the "Issuer").

Hensman

Pursuant to the conversion of Preferred Shares, Series I into common shares of the Corporation on June 3, 2009, Hensman has acquired ownership of 408,050 common shares ("Shares") of the Issuer. The Shares acquired represent approximately 3.88% of the issued and outstanding Shares of the Issuer post Preferred Shares, Series I conversion. Prior to this transaction, Hensman held an aggregate of 312,500 Shares (2.97% of the outstanding Shares of the Issuer) and warrants to purchases an additional 500,000 Shares upon exercise of warrants (the "Warrants") in the capital of the Issuer, representing approximately 4.54% on a partially diluted basis assuming the exercise of the Warrants.

Following this transaction, Hensman holds an aggregate of 720,550 Shares (6.86% of the outstanding Shares of the Issuer) and Warrants to purchase an additional 500,000 Shares of the Issuer. If Hensman was to exercise all of the Warrants, it would represent a total of 1,220,550, or approximately 11.09% of the issued and outstanding capital of the Issuer calculated on a partially diluted basis assuming the exercise of the Warrants.

The Preferred Shares, Series I were issued as part of a private placement of Units which closed in January of 2009. Each Unit consisted of one preferred share and one share purchase warrant exercisable for a period of two years from the date of issuance. Each Preferred Share, Series I is convertible into the number of common shares which is equal to $0.10 divided by the greater of: (a) $0.05, and (b) the 10 day volume weighted average trading price of the common shares, which the Issuer has calculated to be $0.122534 for the period of May 20, 2009 to June 2, 2009 (inclusive).

These securities were acquired for investment purposes only. Depending on economic or market conditions or matters relating to the Issuer, Hensman may choose to either acquire additional securities or dispose of securities of the Issuer.

Stuart Hensman is a director of the Issuer.

Chinook

Pursuant to the conversion of Preferred Shares, Series I into common shares of the Corporation on June 3, 2009, Chinook has acquired ownership of 571,270 common shares ("Shares") of the Issuer. The Shares acquired represent approximately 5.44% of the issued and outstanding Shares of the Issuer post Preferred Shares, Series I conversion. Prior to this transaction, Chinook held an aggregate of 362,500 Shares (3.45% of the outstanding Shares of the Issuer) and warrants to purchases an additional 700,000 Shares upon exercise of warrants (the "Warrants") in the capital of the Issuer, representing approximately 6.24% on a partially diluted basis assuming the exercise of the Warrants.

Following this transaction, Chinook holds an aggregate of 933,770 Shares (8.89% of the outstanding Shares of the Issuer) and Warrants to purchase an additional 700,000 Shares of the Issuer. If Chinook was to exercise all of the Warrants, it would represent a total of 1,633,770, or approximately 14.58% of the issued and outstanding capital of the Issuer calculated on a partially diluted basis assuming the exercise of the Warrants.

The Preferred Shares, Series I were issued as part of a private placement of Units which closed in January of 2009. Each Unit consisted of one preferred share and one share purchase warrant exercisable for a period of two years from the date of issuance. Each Preferred Share, Series I is convertible into the number of common shares which is equal to $0.10 divided by the greater of: (a) $0.05, and (b) the 10 day volume weighted average trading price of the common shares, which the Issuer has calculated to be $0.122534 for the period of May 20, 2009 to June 2, 2009 (inclusive).

These securities were acquired for investment purposes only. Depending on economic or market conditions or matters relating to the Issuer, Chinook may choose to either acquire additional securities or dispose of securities of the Issuer.

Chinook Financial Ltd. is wholly owned by David Mears, a director of the Issuer.

Dunkley

Pursuant to the conversion of Preferred Shares, Series I into common shares of the Corporation on June 3, 2009, Dunkley has acquired ownership of 408,050 common shares ("Shares") of the Issuer. The Shares acquired represent approximately 3.88% of the issued and outstanding Shares of the Issuer post Preferred Shares, Series I conversion. Prior to this transaction, Dunkley held an aggregate of 362,500 Shares (3.45% of the outstanding Shares of the Issuer) and warrants to purchases an additional 500,000 Shares upon exercise of warrants (the "Warrants") in the capital of the Issuer, representing approximately 4.54% on a partially diluted basis assuming the exercise of the Warrants.

Following this transaction, Dunkley holds an aggregate of 770,550 Shares (7.33% of the outstanding Shares of the Issuer) and Warrants to purchase an additional 500,000 Shares of the Issuer. If Dunkley was to exercise all of the Warrants, it would represent a total of 1,270,550, or approximately 11.54% of the issued and outstanding capital of the Issuer calculated on a partially diluted basis assuming the exercise of the Warrants.

The Preferred Shares, Series I were issued as part of a private placement of Units which closed in January of 2009. Each Unit consisted of one preferred share and one share purchase warrant exercisable for a period of two years from the date of issuance. Each Preferred Share, Series I is convertible into the number of common shares which is equal to $0.10 divided by the greater of: (a) $0.05, and (b) the 10 day volume weighted average trading price of the common shares, which the Issuer has calculated to be $0.122534 for the period of May 20, 2009 to June 2, 2009 (inclusive).

These securities were acquired for investment purposes only. Depending on economic or market conditions or matters relating to the Issuer, Dunkley may choose to either acquire additional securities or dispose of securities of the Issuer.

MacEachern

Pursuant to the conversion of Preferred Shares, Series I into common shares of the Corporation on June 3, 2009, MacEachern has acquired ownership of 408,050 common shares ("Shares") of the Issuer. The Shares acquired represent approximately 3.88% of the issued and outstanding Shares of the Issuer post Preferred Shares, Series I conversion. Prior to this transaction, MacEachern held an aggregate of 362,500 Shares (3.45% of the outstanding Shares of the Issuer) and warrants to purchases an additional 500,000 Shares upon exercise of warrants (the "Warrants") in the capital of the Issuer, representing approximately 4.54% on a partially diluted basis assuming the exercise of the Warrants.

Following this transaction, MacEachern holds an aggregate of 770,550 Shares (7.33% of the outstanding Shares of the Issuer) and Warrants to purchase an additional 500,000 Shares of the Issuer. If MacEachern was to exercise all of the Warrants, it would represent a total of 1,270,550, or approximately 11.54% of the issued and outstanding capital of the Issuer calculated on a partially diluted basis assuming the exercise of the Warrants.

The Preferred Shares, Series I were issued as part of a private placement of Units which closed in January of 2009. Each Unit consisted of one preferred share and one share purchase warrant exercisable for a period of two years from the date of issuance. Each Preferred Share, Series I is convertible into the number of common shares which is equal to $0.10 divided by the greater of: (a) $0.05, and (b) the 10 day volume weighted average trading price of the common shares, which the Issuer has calculated to be $0.122534 for the period of May 20, 2009 to June 2, 2009 (inclusive).

These securities were acquired for investment purposes only. Depending on economic or market conditions or matters relating to the Issuer, MacEachern may choose to either acquire additional securities or dispose of securities of the Issuer.

Stuart Hensman

Chinook Financial Ltd.

Lyle Dunkley

Louis MacEachern

Neither 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

  • Ria Resources Corp.
    Paul Patton
    Chief Operating Officer
    (403) 262-8444