02:17 PM EDT, 10/29/2024 (MT Newswires) -- Rio2 ( RIOFF ) on Tuesday closed a public offering of 97.3-million shares that raised $63 million, including the full exercise of the over-allotment option.

The company also closed a non-brokered financing to Wheaton Precious Metals International, to raise $5 million at $0.65 per share.

The financings, together with the US$120-million package announced last week, total US$170 million, Rio2 ( RIOFF ) said.

"The closing of the financing package marks a major achievement for the company as funding for the construction of Fenix Gold is now complete," said Alex Black, executive chairman.

Proceeds will be used to develop the Fenix Gold Project in Chile.

Rio2 ( RIOFF ) was last seen up $0.01 to $0.71 on the TSX Venture Exchange.

Price: 0.72, Change: +0.02, Percent Change: +2.86