CALGARY, May 19 /CNW/ - Ria Resources Corp. ("RIA" or the "Corporation")
is pleased to announce a non-brokered private placement for aggregate
gross proceeds of up to $1,500,000 comprised of up to $1,000,000 in
common shares issued on a flow-through basis ("Flow-Through Shares") at
a price of $0.20 per Flow-Through Share and $500,000 common shares
("Common Shares") at a price of $0.10 per Common Share (together
referred to as the "Offering").
The proceeds of the Offering will be used for corporate overhead and
working capital to fund the continued work program on the properties
held by RIA.
The Offering is subject to the receipt of all necessary regulatory
approvals. The Flow-Through Shares and Common Shares will be offered in
Alberta by way of a private placement. There will be no minimum to the
Offering. Although insiders may participate in the Common Share portion
of the Offering, it is not anticipated that participation of insiders,
if any, will exceed in aggregate 25% of the Offering. The securities
issued pursuant to the Offering will be subject to a four (4) month
hold period in Canada from the date of the closing of the Offering. The
Offering is expected to close on or about June 30, 2011.
RIA is a company listed and trading on the TSX Venture Exchange, symbol:
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
offered securities mentioned in this news release will not be
registered under the United States Securities Act of 1933, as amended
(the "U.S. Securities Act") and may not be offered or sold within the
United States or to, or for the account or benefit of U.S. persons
except in certain transactions exempt from the registration
requirements of the U.S. Securities Act.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities in any jurisdiction.
Forward Looking Statements
This press release contains forward looking statements. More
particularly, this press release contains statements concerning the
anticipated use of the proceeds of the Offering and date of prospective
closing. Although RIA believes that the expectations reflected in these
forward looking statements are reasonable, undue reliance should not be
placed on them because RIA can give no assurance that they will prove
to be correct. Since forward looking statements address future events
and conditions, by their very nature they involve inherent risks and
uncertainties. The intended use of the proceeds of the Offering by RIA
might change if the board of directors of RIA determines that it would
be in the best interests of RIA to deploy the proceeds for some other
purpose. The forward looking statements contained in this press release
are made as of the date hereof and RIA undertakes no obligations to
update publicly or revise any forward looking statements or
information, whether as a result of new information, future events or
otherwise, unless so required by applicable securities laws.
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.
SOURCE Ria Resources Corp.
For further information:
Chief Financial Officer
Ria Resources Corp.
Telephone No. (403) 510-0844