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Reyna Silver Announces Further Upsize to Previously Announced Bought Deal Financing

03.02.2023  |  GlobeNewswire

VANCOUVER, Feb. 02, 2023 - Reyna Silver Corp.. (TSXV: RSLV; OTCQB: RSNVF; FRA: 4ZC) ("Reyna" or the "Company") is pleased to announce that, in connection with its previously announced "bought deal" private placement of units, the Company has entered into an amended agreement with Eight Capital, as lead underwriter and bookrunner, and on behalf of a syndicate of underwriters (collectively, the "Underwriters"), pursuant to which the Corporation has increased the size of the private placement to 21,668,000 units of the Company (the "Units"), at a price of C$0.30 per Unit (the "Issue Price"), for aggregate gross proceeds of C$6,500,400 (the "Upsized Offering").

Each Unit will be comprised of one common share of the Company (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder thereof to purchase one additional Common Share at a price of C$0.40 per Common Share for a period of 36 months following the closing date of the Upsized Offering.

The Company has granted the Underwriters an option, exercisable in full or in part, up to 48 hours prior to the closing of the Upsized Offering, to offer and sell up to an additional 5,000,000 Units at the Issue Price, for additional gross proceeds of up to C$1,500,000.

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

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), approximately 16,666,000 Units sold pursuant to the Upsized Offering (the "LIFE Portion") are expected to be offered for sale to purchasers resident in Canada, except Quebec, and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the "Listed Issuer Financing Exemption") and will not be subject to a statutory hold period. All additional Units sold pursuant to the Upsized Offering (the "AI Portion") are expected to be offered for sale to purchasers pursuant to the accredited investor exemption under section 2.3 of NI 45-106 and will be subject to a statutory hold period of four months and one day.

The closing date of the LIFE Portion of the Upsized Offering is expected to occur on or about February 10, 2023, and the AI Portion of the Upsized Offering on or about February 23, 2023. Closing is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the conditional approval from the TSX Venture Exchange.

An amended and restated offering document relating to the Upsized Offering will be posted under the Company's profile at www.sedar.com and on the Company's website at www.reynasilver.com. Prospective investors should read this amended and restated offering document before making an investment decision.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction. No securities may be offered or sold in the United States or in any other jurisdiction in which such offer or sale would be unlawful absent registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom.

On Behalf of the Board of Directors of Reyna Silver Corp.

Jorge Ramiro Monroy
Chief Executive Officer

For Further Information, Please Contact:

Jorge Ramiro Monroy, Chief Executive Officer
852 6103-0227

About Reyna Silver Corp.

Reyna Silver Corp. (TSXV: RSLV) is a growth-oriented junior exploration and development company focused on exploring for high-grade, district-scale silver deposits in Mexico and USA.

Reyna's principal properties are the Guigui and Batopilas Properties in Chihuahua, Mexico. Guigui covers the interpreted source area for the Santa Eulalia District and Batopilas covers most of Mexico's historically highest-grade silver system. The Company also has an option to acquire 100% of the Medicine Springs property in Nevada, USA as well as the early stage La Durazno and Matilde and La Reyna mineral properties in Mexico.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Reyna Silver Corp.

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