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VANCOUVER, British Columbia and HONG KONG, Feb. 1, 2023 (GLOBE NEWSWIRE) — Reyna Silver Corp. RSLVRSNVF4ZC)) (“Reyna” or the “company“) is pleased to announce that it has entered into an agreement with Eight Capital as Lead Underwriter and Bookrunner and on behalf of a consortium of underwriters (collectively, the “insurer“), in connection with a “bought deal” private placement financing of 13,334,000 units by the Company (the “units“) at a price of $0.30 CAD per unit (the “issue price“), for aggregate gross proceeds of C$4,000,200 (the “offer“).

Each Unit consists of one common share of the Company (each a “common share“) and a warrant to purchase one common share (each a “warranty“), with each warrant entitling the holder to purchase one additional common share at a price of C$0.40 per common share for a period of 36 months after the closing of the offering.

The Company has granted the underwriters an option, exercisable in whole or in part, up to 48 hours prior to the closing of the offering to offer and sell up to 3,332,600 additional units at the offering price for additional gross proceeds of up to $999,780.

The Company intends to use the net proceeds from the Offering for ongoing exploration and drilling at the Company’s Medicine Springs, Guigui and Batopilas projects and for general corporate purposes.

The closing date of the offering is expected to be on or about February 10, 2023 and is subject to certain conditions, including but not limited to receipt of all necessary approvals, including conditional approval of the TSX Venture Exchange.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106“), the Shares will be offered for sale to purchasers residing in Canada, excluding Quebec, and/or other Eligible Jurisdictions…