Cyprus River Holdings Ltd.

July 21, 2016 16:37 ET

Cyprus River Holdings Announces Agreement to Sell Common Shares of Rio Novo Gold

NICOSIA, CYPRUS--(Marketwired - July 21, 2016) - Cyprus River Holdings Ltd. ("Cyprus River") announces that on July 21, 2016, it entered into a binding agreement to sell an aggregate of 94,650,914 ordinary shares ("Rio Novo Shares") of Rio Novo Gold Inc. ("Rio Novo") to Northwestern Enterprises Ltd. The 94,650,914 Rio Novo Shares (the "Sale Shares") will be sold in a private transaction at a price of $0.092 per share on or before August 22, 2016, subject to customary closing conditions.

The Sale Shares represent approximately 62.5% of the issued and outstanding Rio Novo Shares (based upon the 151,482,253 Rio Novo Shares stated to be issued and outstanding by Rio Novo). Assuming the completion of the purchase and sale of all of the Sale Shares, Cyprus River will no longer own or have control or direction over any Rio Novo Shares.

The entering into of the private agreement to sell the Sale Shares was completed as part of Cyprus River's ongoing review of its investment holdings and to permit Cyprus River to liquidate its position in Rio Novo Shares.

For additional information, or to obtain a copy of the report required pursuant to the early warning reporting requirements, please contact:

Maria Raquel S. de Toledo Aguiar
Tel: +55 11 3087 7577

Cyprus River Holdings Ltd.
Themistokli Dervi 3, Julia House
PC1066, Nicosia, Cyprus

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