Rhyolite Resources Ltd. Completes Initial Public Offering
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 27, 2006) - Rhyolite Resources Ltd. (the "Corporation") is pleased to announce that it has successfully completed its initial public offering of 2,000,000 common shares (the "Common Shares") at price of $0.35 per Common Share, for gross proceeds of $700,000 (the "Offering"). As a result of this issuance, the Corporation now has 5,000,100 Common Shares issued and outstanding.
In connection with the Offering, the Corporation granted warrants to Canaccord Capital Corporation and Haywood Securities Inc. (the "Agent's Warrants"), both of whom acted as agent for the Offering (collectively, the "Agents"). The Agent's Warrants entitle the Agents to acquire an aggregate of 200,000 Common Shares at an exercise price of $0.35 per share and will expire 12 months from today's date. In addition, the Corporation has granted options to acquire an aggregate of 300,000 Common Shares at an exercise price of $0.35 per share, to the directors and officers of the Corporation, such options expiring 5 years from the date of grant.
The TSX Venture Exchange (the "Exchange") has conditionally approved the listing of the Corporation's Common Shares on the Exchange and the Corporation now intends to make application for final approval. It is expected that the Corporation will trade under the symbol "RYE".
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
Rhyolite Resources Ltd.
Richard Graham
Director
(604) 689-1428
ccnmatthews.com
RHYOLITE RESOURCES LTD. ("RYE")
BULLETIN TYPE: New Listing-IPO-Shares
BULLETIN DATE: October 2, 2006
TSX Venture Tier 2 Company
The Company's Initial Public Offering ('IPO') Prospectus dated August 28, 2006, has been filed with and accepted by TSX Venture Exchange, and filed with and receipted by the British Columbia, Alberta and Ontario Securities Commissions on August 31, 2006, pursuant to the provisions of the applicable Securities Acts.
The gross proceeds received by the Company for the Offering were $700,000 (2,000,000 common shares at $0.35 per share). The Company is classified as a 'Mineral Exploration' company.
Commence Date: At the opening October 3, 2006, the Commo nshares will commence trading on TSX Venture Exchange.
Corporate Jurisdiction: Alberta
Capitalization: Unlimited common shares with no par value of which 5,000,100 common shares are issued and outstanding
Escrowed Shares: 2,000,100 common shares are subject to 36 month staged release escrow
Transfer Agent: Computershare Investor Services Inc.
Trading Symbol: RYE
CUSIP Number: 76243H 10 9
Agent: Canaccord Capital Corporation
Agent's Option: 200,000 non-transferable share purchase options. One option to purchase one share at $0.35 per share for a one year period.
For further information, please refer to the Company's Prospectus dated August 28, 2006.
Company Contact: Richard Graham
Company Address: Suite 300, 570 Granville Street
Vancouver, BC, V6C 3P1
Company Phone Number: 604-689-1428
Company Fax Number: 604-681-4692
TSX-X
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