Exploring for Gold in the Rainy River and Red Lake districts of Northwestern Ontario
81m @ 5.08 g/t Gold, 28m @ 13.28 g/t Gold, 9m @ 12.88 g/t Gold, 46.6m @ 2.28 g/t Gold plus Bonanza grade Silver (up to 1760 g/t)
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| December 14, 2010 |
| Rainy River Announces C$65.0 Million Bought Deal Private Placement Financing |
| TORONTO, ONTARIO--(Marketwire - Dec. 14, 2010) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Rainy River Resources Ltd. ("Rainy River" or the "Company") (TSX VENTURE:RR) is pleased to announce that it has entered into an agreement with a syndicate of underwriters (the "Underwriters"), led by Scotia Capital Inc., to issue on a bought deal basis by way of a private placement, 5,140,000 common shares of the Company ("Common Shares") at a price of C$12.65 per Common Share for gross proceeds of C$65 million. The Company has granted the Underwriters an option, exercisable prior to the closing of the offering, to increase the size of the offering by up to an additional 790,000 Common Shares for additional gross proceeds of up to C$10 million. The Company intends to use the majority of the net proceeds of the offering to fund ongoing exploration activities at its Rainy River Project. In addition, the Company will use a portion of the net proceeds to fund expenditures under its option on the TPK Project, which is described in the Company's September 9, 2010 news release, and will use the remaining net proceeds of the offering for general corporate purposes. Closing of the offering is anticipated to occur on or about January 7, 2011 and is subject to certain conditions including, but not limited to, the receipt of approval of the offering from the TSX Venture Exchange. The Common Shares issued pursuant to the offering will be subject to a four-month restricted resale period from the closing date. About Rainy River Rainy River is a Canadian precious metals exploration company whose key asset is the Rainy River Gold Project. With approximately $69.0 million in its treasury (without giving effect to the completion of the offering), the Company is well funded to conduct a dual-focused drilling program consisting of: 1) definition diamond drilling of the main gold resources in preparation for scoping and prefeasibility studies, and 2) selective diamond-drill testing of high-priority gold targets defined primarily by reverse circulation drilling within the large gold system centred in Richardson Township. The Company's property is extremely well located in the southwestern corner of Northern Ontario near the U.S. border. It is accessed by a network of roads and is close to hydro-electric infrastructure. The Rainy River district has a skilled labour force and is one of the lowest-cost areas for mineral exploration and development. Ontario has low political risk and, according to the annual Fraser Institute global survey of the mining industry, has consistently ranked as one of the top jurisdictions embracing mineral development. RAINY RIVER RESOURCES LTD. |
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