Riley Resources Corp.
TSX VENTURE : RLY.P

January 08, 2015 17:03 ET

Riley Resources Completes Initial Public Offering

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 8, 2015) - Riley Resources Corp. (TSX VENTURE:RLY.P)(the "Company") has completed its initial public offering pursuant to a Prospectus dated December 19, 2014(the "Prospectus") filed with the British Columbia, Alberta and Ontario Securities Commissions. Effective at the opening of the market on January 8, 2015, the Company's common shares (the "Shares") were listed and immediately halted on Tier 2 of the TSX Venture Exchange (the "TSXV") under the symbol RLY.P. Effective at the opening of the market on January 12, 2015, the Shares will resume trading. Pursuant to the Prospectus, the Company issued 2,000,000 Shares for gross proceeds of $200,000. Haywood Securities Inc. acted as agent for the offering. As compensation for acting as agent, the Company paid a 10% cash commission, a corporate finance fee, and issued warrants to purchase up to 200,000 Shares of the Company at a price of $0.10 per Share exercisable until January 8, 2017.

The Company also granted stock options to officers and directors of the Company to purchase up to 705,000 Shares at a price of $0.10 per Share, exercisable until January 8, 2025.

The Company is designated as a Capital Pool Company by the TSXV. The Company has not commenced commercial operations and has no assets other than cash. The purpose of the offering is to provide the Company with funds to identify and evaluate businesses or assets with a view to completing a Qualifying Transaction (as defined in the Prospectus). Any proposed Qualifying Transaction must be approved by the TSXV and, in the case of a non-arm's length Qualifying Transaction, must also receive majority approval of the minority shareholders. Until the completion of a Qualifying Transaction, the Company will not carry on any business other than the identification and evaluation of businesses or assets with a view to completing a proposed Qualifying Transaction. For further information regarding the Company, the offering, and the Company's management team, see the Prospectus filed with the Company's disclosure documents on SEDAR at www.sedar.com.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

ON BEHALF OF THE BOARD

Todd Hilditch

Chief Executive Officer, Chief Financial Officer and Director

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

Contact Information

  • Riley Resources Corp.
    Todd Hilditch
    (604) 443-3831