Reyna Silver Announces Upsize to LIFE Offering and Concurrent Private Placement and Aggregate Closings of $4.6 Million

VANCOUVER, BC and HONG KONG / ACCESSWIRE / March 13, 2024 / Reyna Silver Corp. (TSXV:RSLV)(OTCQX:RSNVF)(FRA:4ZC) ("Reyna" or the "Company") is pleased to announce that, due to investor demand, it is has increased the size of its non-brokered listed issuer financing exemption (LIFE) private placement (the "LIFE Offering"), previously announced on February 14, 2024 and amended February 26, 2024 and March 6, 2024, and its previously announced concurrent non-brokered private placement (the "Concurrent Private Placement", and together with the LIFE Offering, the "Offerings") to purchasers pursuant to other applicable exemptions under NI 45-106. The amended LIFE Offering is for up to 26,666,667 units of the Company ("Units") at a price of $0.12 per Unit (the "Issue Price") for gross proceeds of up to approximately $3,200,000, increased from $2,900,000. Each Unit will consist of one common share of the Company (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of $0.20 for a period of 36 months from the date of issuance.

"We are delighted to receive so much interest in the Offerings from both new and existing shareholders including significant participation from management and insiders," said Jorge Ramiro Monroy, CEO of Reyna Silver. "We are excited to hit the ground running for our summer drill campaign at Gryphon."

The Offerings and Final Closings

The amended Concurrent Private Placement is for up to 12,500,000 Units for gross proceeds of up to approximately $1,500,000. Certain insiders of the Company are participating in the Concurrent Private Placement for 1,633,333 Units for gross proceeds of approximately $196,000. The participation of any insiders may be considered a related party transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Concurrent Private Placement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities issued to related parties nor the consideration for such securities will exceed 25% of the Company's market capitalization.