Reyna Silver Corrects Disclosure Regarding Compensation Securities Issued in Connection with Private Placement

Rhea-AI Summary

Reyna Silver Corp (OTCQB:RSNVF) issued a correction to its February 23, 2023 press release regarding a private placement's second tranche. The Offering raised gross proceeds of C$3,011,916 by selling 10,039,720 units at C$0.30 each. The correction highlighted that cash finder's fees amounted to $51,743.62, and 169,563 Compensation Warrants were issued, each exercisable into one unit at $0.30 for 24 months. It also clarified that the Compensation Warrants for the Underwriters are also valid for 24 months, not 36. This news does not offer securities for sale in the United States.

Positive

• Raised gross proceeds of C$3,011,916 from the private placement.
• Successfully sold 10,039,720 units at a price of C$0.30.

Negative

• Previous press release contained inaccuracies regarding compensation details.
• Compensation Warrants issued to Underwriters were incorrectly reported as 36 months instead of 24 months.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC and HONG KONG, CHINA / ACCESSWIRE / February 25, 2023 / Reyna Silver Corp. (TSXV:RSLV)(OTCQB:RSNVF)(FRA:4ZC) ("Reyna" or the "Company") is issuing a correction to its previously disseminated press release dated February 23, 2023 (the "Closing Press Release"). The Closing Press Release announced the closing of the second tranche of a previously announced "bought deal" private placement (the "Offering") of units for gross proceeds of C$3,011,916 (the "AI Tranche"). Under the AI Tranche, the Company sold 10,039,720 units of the Company (the "Units") at a price of C$0.30 per Unit. The Offering was completed pursuant to an underwriting agreement dated February 13, 2023, as amended by an amending agreement dated February 21, 2023 (the "Underwriting Agreement") with Eight Capital, as lead underwriter and bookrunner, and a syndicate of underwriters (collectively, the "Underwriters").

The Closing Press Release incorrectly omitted the compensation warrant ("Compensation Warrant") portion of the compensation paid to the arm's length finders (the "Finders"). In consideration for the services of the Finders in connection with certain Units sold on a president's list, the Finders were paid cash finder's fees totaling $51,743.62. In addition, the Finders were issued 169,563 Compensation Warrants. Each Compensation Warrant is exercisable into one Unit at a price of $0.30 per Unit for a period of 24 months after the date of issuance.

The Closing Press Release also incorrectly disclosed that the Compensation Warrants issued to the Underwriters are exercisable for a period of 36 months from the date of issue. The Compensation Warrants issued to the Underwriters are in fact exercisable for a period of 24 months from the date of issue.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction. No securities may be offered or sold in the United States or in any other jurisdiction in which such offer or sale would be unlawful absent registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom.

On Behalf of the Board of Directors of Reyna Silver Corp.

Jorge Ramiro Monroy
Chief Executive Officer

For Further Information, Please Contact:

Jorge Ramiro Monroy, Chief Executive Officer
info@reynasilver.com
www.reynasilver.com

About Reyna Silver Corp.

Reyna Silver Corp. (TSXV:RSLV) is a growth-oriented junior exploration and development company focused on exploring for high-grade, district-scale silver deposits in Mexico and USA.

Reyna's principal properties are the Guigui and Batopilas Properties in Chihuahua, Mexico. Guigui covers the interpreted source area for the Santa Eulalia District and Batopilas covers most of Mexico's historically highest-grade silver system. The Company also has an option to acquire 100% of the Medicine Springs property in Nevada, USA as well as the early stage La Durazno and Matilde and La Reyna mineral properties in Mexico.

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

SOURCE: Reyna Silver Corp.

View source version on accesswire.com:
https://www.accesswire.com/740830/Reyna-Silver-Corrects-Disclosure-Regarding-Compensation-Securities-Issued-in-Connection-with-Private-Placement

FAQ

What recent corrections were made by Reyna Silver Corp regarding its press release?

Reyna Silver Corp corrected inaccuracies in its February 23, 2023 press release about its private placement, clarifying compensation details and the duration of compensation warrants.

What were the gross proceeds from Reyna Silver Corp's private placement?

The gross proceeds from Reyna Silver Corp's private placement amounted to C$3,011,916.

How many units did Reyna Silver Corp sell in the private placement?

Reyna Silver Corp sold 10,039,720 units in the private placement.

What is the duration of the Compensation Warrants issued by Reyna Silver Corp?

The Compensation Warrants issued by Reyna Silver Corp are exercisable for a period of 24 months.