Prospector Resources Corp. (now Rio2 Limited): Corporate Update - Name Change, Continuance and Option Grant

CALGARY, ALBERTA--(Marketwired - April 27, 2017) - RIO2 LIMITED (formerly Prospector Resources Corp.) ("Rio2" or the "Company") (TSX VENTURE:PRR) announces today that it has continued from the Province of British Columbia to the Province of Ontario (the "Continuance") pursuant to a resolution passed by shareholders of the Company at the Company's Annual General and Special Meeting held on April 21, 2017 (the "Meeting"). In addition to the Continuance, the Company announces today that it has changed its name (the "Name Change") to Rio2 Limited ("Rio2") pursuant to a resolution passed by the shareholders of the Company at the Meeting. Commencing at opening of trading on Friday, April 28, 2017, the common shares of the Company will trade on the TSXV under the symbol "RIO".

The Continuance was effective April 25, 2017. Subsequent to the Continuance the Name Change was effected by way of an amalgamation of the Company and a wholly owned subsidiary of the Company under the Business Corporations Act (Ontario), pursuant to which the amalgamated company was named Rio2 Limited. Copies of the Articles of Continuance, Articles of Amalgamation and by-laws of the Company are available on the Company's SEDAR profile at www.sedar.com. A new CUSIP number of 76729L103 replaces the Company's old CUSIP number of 743591, to distinguish between the pre- and post-Name Change common shares.

Further details with regards to the Name Change and Continuance are contained in the management information circular of the Company dated March 21, 2017, a copy of which is available electronically at www.sedar.com.

The Company also announces that a total of 750,000 options to purchase common shares have been granted, subject to regulatory approval, to Sidney Robinson, Ram Ramachandran and David Thomas, three newly elected directors of the Company, in accordance with the Company's stock option plan. The closing price of the Company's common shares on April 24, 2017 being the day prior to the date of the grant was $1.50. The options expire five years from the date of grant and have an exercise price of $1.50 per share. These options vest as to 1/3 on the first, second and third anniversaries of the grant date.

About Rio2

The focus of Rio2 is to compile an attractive portfolio of precious metals assets that can be developed into mines and to assemble a highly experienced technical and corporate management team with a solid experience base of developing and building mines in South, Central and North America. Through its strategy of evaluating and acquiring precious metals projects and through a combination of organic exploration and development and strategic acquisitions, the new management team intends to grow Rio2 and create long-term shareholder value through the development of high-margin, strong free-cash-flowing mining operations.

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.