Replies to post #35701 on Value Microcaps Junior Miners

[Lone Clone]

RIO

Rio2 aka RIO released an updated on the Fenix gold mine they are building in northern Chile. Following the permitting hassle last year, it is excellent news to hear that they have officially received the Resolución de Calificación Ambiental (Environmental Qualification Resolution, or RCA) for Fenix. The next step will be recEiving 4 subsidiary permits which they expect to receive around the end of July

Meanwhile, they continue to work on putting together the construction financing package. A number of institutions are in the running, and they expect to have the financing completed by Q3, at which time the anticipated 14-month long construction process will begin in earnest.

RIO also announced a PP to raise $10M at 39 cents a share, a little under the current market price but with no added warrants. The market obviously likes the deal, as a few hours later it was upsized to $23M!

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