Not for distribution to United States Newswire Services or for dissemination in the United States VANCOUVER, British Columbia, April 09, 2024 (GLOBE NEWSWIRE) -- Rio2 Limited ("Rio2" or the "Company") (TSXV:RIO, OTCQX:RIOFF, BVL: RIO)) is pleased to announce that further to the news release dated April 8, 2024, it has entered into an amending agreement with Eight Capital, as agent, to upsize the previously announced private placement. Pursuant to the upsized offering, the Company will issue up to 59,030,000 common shares of the Company (the "Shares") at a price of $0.39 per Share (the "Offering Price") for gross proceeds to the Company of up to $23,021,700 (the "Offering"). Alex Black, Executive Chairman, stated: "The Company received significant interest from key existing shareholders to participate in financing our Company at this stage of its development, far exceeding the $10 million maximum amount first announced. In my opinion, this strong ‎show of support validates the robustness and quality of the Fenix Gold Project and the completion of the Offering will place the ‎Company in a strong position to secure construction financing later this year."‎ Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions ("NI 45-106"): (i) up to 25,640,000 Shares under the Offering (the "LIFE Shares") will be offered for sale to purchasers resident in each of the Provinces of Canada, except Quebec‎ and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the "Listed Issuer Financing Exemption") for gross proceeds of up to C$9,999,600; and (ii) any additional Shares under the Offering (the "Non-LIFE Shares") will be offered for sale to purchasers resident in each of the Provinces of Canada, except Quebec‎ and/or other qualifying jurisdictions pursuant to other exemptions under NI 45-106 and in accordance with other applicable securities laws. The LIFE Shares issued to Canadian resident subscribers in the Offering will not be subject to a hold period pursuant to applicable Canadian securities laws. The Non-LIFE Shares will be subject to a hold period pursuant to applicable Canadian securities laws expiring four months and one day from the date of issuance of such Non-LIFE Shares. There is an offering document (the "Offering Document") related to the LIFE Shares issuable pursuant to the Listed Issuer Financing Exemption under the Offering that can be accessed under the Company's profile at www.sedarplus.ca and on the Company's website at: www.rio2.com. Prospective investors should read this Offering Document before making an investment decision. The Company plans to use the net proceeds from the Offering for working capital and general corporate purposes‎, to undertake a mine expansion study, to carry out environmental monitoring, to purchase certain ‎equipment for the Project, permitting, community relations, and concession fees. ‎ The Offering is scheduled to close on or ...