RIA Resources Corp. ("RIA" or the "Corporation") (TSX VENTURE:RIA) is pleased to
announce that it has engaged Wolverton Securities Ltd. (the "Agent") in
connection with a proposed private placement, on a best efforts basis, of up to
6,666,667 units (the "Units") at a price of $0.15 per Unit for gross proceeds of
approximately $1,000,000 (the "Offering").


Each Unit will consist of one (1) common share (a "Common Share") in the capital
of the Corporation and one common share purchase warrant (a "Warrant"). Each
Warrant will entitle the holder to purchase one Common Share at an exercise
price of $0.20 for a period of twenty four (24) months from the closing of the
Offering.


The proceeds of the Offering will be used for development activities at the
Corporation's Bonnie Glen Cardium Unit as well as debt reduction and for the
Corporation's general working capital.


The Offering is subject to receipt of all necessary regulatory approvals. The
Units will be offered in Alberta and such other jurisdictions in Canada as
agreed to by the Corporation and the Agent by way of a private placement. The
securities issued pursuant to the Offering will be subject to a 4 month hold
period in Canada from the date of the closing of the Offering. The Offering is
expected to close on or about February 12, 2010.


The Agent will receive a corporate finance fee of $20,000 plus GST, a commission
of 8% of the gross proceeds of the Offering payable in cash, Units or any
combination thereof in the discretion of the Agent and the Agent will be granted
a number of non-transferable Agent's options (the "Agent's Option") equal to an
aggregate of 8% of the total number of Units sold pursuant to the Offering. Each
Agent's Option will entitle Agent to acquire one Unit on the same terms as the
Offering for a period of twenty four (24) months from the date of the closing of
the Offering.


RIA is a company listed and trading on the TSX Venture Exchange, symbol: RIA.
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 completion of the Offering and
the anticipated use of the proceeds of the Offering. 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.


Ria Resources Corp. (TSXV:RIA)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Ria Resources Corp. Charts.
Ria Resources Corp. (TSXV:RIA)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Ria Resources Corp. Charts.