NICOSIA, Cyprus, Sept. 10, 2013 /CNW/ - Cyprus River Holdings Ltd. ("Cyprus River"), an insider of Rio Novo Gold Inc. ("Rio Novo"), announced that on September 9, 2013, through its wholly-owned subsidiary Zoneplan Ltd., it acquired ownership and control over 11,376,750 ordinary shares of Rio Novo, or approximately 10% of Rio Novo's issued and outstanding ordinary shares. The ordinary shares were acquired in two separate transactions as follows: (i) an aggregate of 5,821,195 ordinary shares were purchased pursuant to a private placement at a price of $0.045 per ordinary share for an aggregate purchase price of $261,953.78; and (ii) an aggregate of 5,555,555 ordinary shares were acquired upon conversion of a US$250,000 unsecured convertible promissory note, as amended and restated, in full satisfaction of Rio Novo's obligations under the promissory note. After giving effect to the afforementioned transactions, Cyprus River owns or has control or direction over an aggregate of 67,846,134 ordinary shares of Rio Novo, representing approximately 54.21% of Rio Novo's issued and outstanding ordinary shares.
Further information regarding the offering may be found in the press release issued by Rio Novo on September 9, 2013, a copy of which may be viewed on Rio Novo's SEDAR profile at www.sedar.com.
The ordinary shares were acquired for investment purposes and Cyprus River may in the future increase or decrease its investment in Rio Novo depending on market conditions and other relevant factors.
An early warning report will be filed on SEDAR and will be available for review under Rio Novo's profile. A copy of the early warning report can also be obtained from the contact below.
SOURCE: Cyprus River Holdings
For further information:
Cyprus River Holdings Ltd.
Mr. Stelios Panayides - Director
Tel: +55 11 3087 7577