RETRANSMISSION: Rhyolite Resources Announces Private Placement

Vancouver, British Columbia--(Newsfile Corp. - November 5, 2020) -  Rhyolite Resources Ltd. (TSXV: RYE) (the "Company" or "Rhyolite") announces that it will conduct a non-brokered private placement (the "Private Placement") of up to 15,000,000 common shares at the price of $0.30 per share for gross proceeds of up to $4,500,000.

A cash commission may be payable equal to 6.0% of the gross proceeds of the total number of common shares sold to the subscribers of the Private Placement located by eligible finders. The net proceeds of the Private Placement will be used for the Brothers Project, Paxson Project, to finance potential acquisitions of new properties and for general working capital purpose. All securities to be issued in connection with the Private Placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.

Closing of the Private Placement is subject to the receipt of all applicable regulatory approvals.

Contact information

Richard Graham, President and Chief Executive Officer
Telephone: 604-488-8717

About Rhyolite Resources Ltd.

Rhyolite Resources Ltd. is a Canadian-based, opportunity focused, resource company. Utilizing its technical strength and entrepreneurial drive, Rhyolite's corporate strategy is to enhance shareholder value through the acquisition of discovery to production staged projects.

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

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