Toronto, Ontario --( Newsfile Corp. - January 27, 2014 ) - Rainbow Resources Inc. (TSXV: RBW) (OTC: RIINF) ('Rainbow' or 'the Company') is pleased to announce that it has completed a non-brokered private placement financing consisting of 500,000 units at $0.05 per unit and an additional 450,000 flow-through units at $0.05 per unit for gross proceeds of $47,500 . The units are comprised of one common share and one-half of one common share purchase warrant and the flow-through units are comprised of one common share and one common share purchase warrant. Each whole warrant entitles its holder to acquire one additional common share of Rainbow at a price of $0.10 for 18 months. The gross proceeds from the sale of the flow-through units will be used for continued exploration at the Company's gold-silver-lead properties in southeastern British Colombia. The net proceeds from the sale of the units will be used for exploration of the Company's Nevada properties and potential expansion of the overall land packages, and for general corporate purposes. All shares issued in connection with the offering will be subject to a hold period of four months and a day. The offering is subject to final approval of the TSX Venture Exchange . The Company also wishes to announce that, pursuant to a series of debt settlement agreements, it proposes to issue 952,000 common shares to settle an aggregate of $87,729.12 in outstanding debt (the "Debt Settlement"). Any shares issued in connection with the Debt Settlement will be subject to a hold period of four months and a day. The completion of the Debt Settlement remains subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange . About Rainbow Resources : Rainbow is a Canadian based junior exploration company focused on building shareholder value through aggressive exploration in two favourable and proven mining jurisdictions - the West Kootenays in southeast British Columbia (silver, gold and flake graphite), and Nevada where Rainbow's Jewel Ridge gold-silver project is in the heart of a major producing district. Rainbow's shares are listed on the TSX Venture Exchange under the symbol TSX-V:RBW and on the OTC International under the symbol RIINF. Contact : Rainbow Resources Inc. David W. Johnston President (403) 701-2781 firstname.lastname@example.org Website: www.RainbowResourcesRBW.com Latest Video: http://www.rainbowresourcesrbw.com/video/ Follow Rainbow : Twitter: https://twitter.com/RainbowResource Facebook : https://www.facebook.com/RainbowResources Caution Regarding Forward-Looking Information This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, (more) uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. 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 of this news release.
Most Popular Stories
- Koch Brothers Step up Anti-Obamacare Campaign
- FDIC Sues Big Banks Over Rate Manipulation
- Vybz Kartel Convicted of Murder
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Ulta Shares Look Good on Strong Q4
- Jittery Investors Dumping Russian Stocks
- Is Malaysian Airlines Flight 370 in Andaman Sea?
- FDIC Accuses Big Banks of Fraud, Conspiracy
- Stocks Close Lower Ahead of Crimea Vote
- U.S. Consumer Sentiment Falls in Early March