Reyna Silver Announces Upsize to $3,000,000 and First Tranche Closing

VANCOUVER, BC and HONG KONG, CHINA / ACCESSWIRE / February 26, 2024 / Reyna Silver Corp. (TSXV:RSLV)(OTCQX:RSNVF)(FRA:4ZC) ("Reyna" or the "Company") is pleased to announce that it is has increased the size of its non-brokered listed issuer financing exemption (LIFE) private placement (the "Offering") previously announced on February 14, 2024, due to investor demand. The amended Offering is for up to 20,833,333 units of the Company ("Units") at a price of $0.12 per Unit (the "Issue Price") for gross proceeds of up to approximately $2,500,000, increased from $1,500,000. 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.

As previously announced, the Company will also complete a concurrent non-brokered private placement of up to 4,166,667 Units for gross proceeds of up to approximately $500,000 (the "Concurrent Private Placement") to purchasers pursuant to other applicable exemptions under NI 45-106. It is anticipated that insiders of the Company may participate in the Concurrent Private Placement. 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.

The first closing of the Offering was completed today, on February 26, 2024, as discussed further below. Company may sell additional Units in the Offering in one or more subsequent closings, on such dates as the Company may determine, with the closing anticipated to occur on March 7, 2024. Closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including final acceptance from the TSX Venture Exchange.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the Offering is being made pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the "Exemption"). The securities offered under the Exemption will not be subject to a hold period in accordance with applicable Canadian securities laws. There is an amended and restated offering document relating to the Offering that can be accessed under the Company's profile at www.sedarplus.ca 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.