Rainy River Resources Ltd.
TSX VENTURE : RR

Rainy River Resources Ltd.

July 19, 2005 17:10 ET

Rainy River Announces C$2.4 Million Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 19, 2005) - NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Marshall Bertram, Chief Financial Officer of RAINY RIVER RESOURCES LTD. (TSX VENTURE:RR), is pleased to announce that the Company has agreed to raise $2.4 million by way of a non-brokered private placement financing.

The Company will sell up to 4 million units at a price of $0.60 per unit. Each unit is comprised of one common share and one non-transferable common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of $0.90 for 12 months from closing. The securities issuable under the private placement are subject to a hold period in Canada of four months from the Closing Date.

In connection with the financing, there will be a commission and finders fee payable for the placement of the non-brokered units.

Net proceeds of the financing will be used to fund exploration on the Company's newly acquired Rainy River Project and for general working capital purposes.

The private placement is subject to acceptance by the TSX Venture Exchange.

Rainy River Resources Ltd. is a Canadian mineral exploration company that has recently acquired a 100% interest from Nuinsco Resources Ltd. (TSX:NWI) in the Rainy River gold and base metal property located in northwestern Ontario. The Rainy River Project hosts two "blind" gold-rich volcanogenic massive sulphide occurrences (the #17 Gold Zone and the 433 Zone) and one "blind" small but high grade Ni-Cu-PGE deposit.

RAINY RIVER RESOURCES LTD.

Marshall Bertram, Chief Financial Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Rainy River Resources Ltd.
    Mr. Nelson Baker, P.Eng.
    President
    (604) 731-6900
    (604) 731-6999 (FAX)