Rain City (RAIN) Completes Closing of First Tranche of Private Placement
March 11, 2025 3:30 PM EDT | Source: Rain City Resources Inc.
Vancouver, British Columbia--(Newsfile Corp. - March 11, 2025) - Rain City Resources Inc. (CSE: RAIN) (the "Company" or "Rain") is pleased to announce that, further to its news release of February 24, 2025 wherein the Company announced plans to raise up to $500,000 by way of issuance of 6,666,667 common shares, it has closed the first tranche of its non-brokered private placement and has raised gross proceeds of $305,700 through the issuance of 4,076,000 common shares at a price of $0.075 per share. All shares issued are subject to a four-month hold period expiring July 12, 2025.
Proceeds from this financing will be used to mobilize and fund the operational expenses at the pilot plant located in Pennsylvania (the "Pilot"), as originally announced on February 12, 2025, as well as general working capital purposes. Additionally, proceeds will be allocated to third-party analysis of results and reporting to be commissioned by the Company stemming from the Pilot along with advancing Rain's ongoing project discussions in Chile and Argentina.
The Company paid cash of $21,399 or 7% as a finder's fee with respect to proceeds raised. No insiders participated in this first tranche of the private placement.
Benjamin Hill, Rain's CEO, stated, "The closing of the first tranche of this financing is another exciting step in the advancement of our groundbreaking Direct Lithium Extract technology, ACCELi. We anticipate that this test program, processing brine from the Marcellus Shale Formation at the Kendra II Springville brine transfer site in Pennsylvania (the "Pilot"), will build on the results of the highly successful bench tests previously conducted by Avonlea Lithium Corporation in Calgary, AB. The Pilot represents a pre-commercial trial of the ACCELi lithium extraction technology."
The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements. "United States" and "U.S. person" have the respective meanings assigned in Regulation S under the U.S Securities Act.
About Us
Rain City is an integrated lithium technology and project development company committed to solving the environmental, social, and economic issues associated with extracting lithium from brine.
Cautionary Statement Regarding Forward-Looking Information
This news release may include certain "forward-looking statements" under applicable Canadian securities legislation. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. There can be no assurance that proposed operations will be successful or that the anticipated financial, economic or strategic benefits will be realized.
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/244210
© 2025 Newsfile Corp. All rights reserved.
