Rain City Resources Inc. Announces $600,000 Financing
Vancouver, British Columbia--(Newsfile Corp. - April 14, 2021) - Rain City Resources Inc. (CSE: RAIN) ("RAIN" or "Rain City" or the "Company") is pleased to announce that it has arranged for a non-brokered private placement (the "Private Placement") of up to 10,000,000 units of securities of the Company ("Units") at a purchase price of $0.06 per Unit for aggregate gross proceeds of $600,000. Each Unit will be comprised of one common share in the capital of the Company (a "Common Share") and one-half Common Share purchase Warrant. Each whole warrant will entitle the holder to purchase one additional Common Share (a "Warrant Share") at an exercise price of $0.075 at any time up to 60-months following issuance.
The Company is also pleased to announce the appointment of Justin Corinella to the Board of the Company. Mr. Corinella is the Co-founder and inventor of Dahrwin LLC., which was founded in 2012 as a privately-held wireless technology company based out of New York. From 2012 - 2016, Mr. Corinella raised venture funding, spearheaded software & hardware development and received five issued patents. After licensing the Dahrwin software, Mr. Corinella was appointed the Head of Technology for a Canadian publicly traded blockchain company, listed on the CSE and OTCQB. As part of the executive team, Mr. Corinella participated in raising $28M CAD in financing and developed strategic partnerships with key stakeholders in North America, Europe and Asia.
Mr. Corinella has hands-on experience in software and hardware development, mobile application development along with knowledge in E-sports and mobile gaming, and a background in public markets and corporate financing. His focus is in early-stage tech venture companies with potential for large growth, scalability and value creation. His endeavors into technology and wireless communications have positioned him as a lead in multiple R&D and Engineering departments working on various military and government-based technologies.
FOR FURTHER INFORMATION CONTACT:
President and Chief Executive Officer
Rain City Resources Inc.
Telephone: 604 681 3170
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
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