Reyna Silver Announces Upsize to $4.4 Million and Second Closing of LIFE Offering and Concurrent Private Placement Tranches

Not for Distribution to United States Newswire Services or for Dissemination in the United States.

VANCOUVER, BC and HONG KONG, CHINA / ACCESSWIRE / March 6, 2024 / Reyna Silver Corp. (TSXV:RSLV)(OTCQB: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 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 24,166,667 units of the Company ("Units") at a price of $0.12 per Unit (the "Issue Price") for gross proceeds of up to approximately $2,900,000, increased from $2,500,000. 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.

The amended Concurrent Private Placement is for up to 12,500,000 Units for gross proceeds of up to approximately $1,500,000, increased from $500,000. Certain insiders of the Company are participating in the Concurrent Private Placement for 1,633,332 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.

The first closing of the LIFE Offering was completed on February 26, 2024. The second closing of the LIFE Offering and the first closing of the Concurrent Private Placement was completed today, on March 6, 2024, as discussed further below. Company may sell additional Units in the Offerings in one or more subsequent closings, on such dates as the Company may determine, with the final closing anticipated to occur on March 11, 2024. The closings of the Offerings are subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including final acceptance from the TSX Venture Exchange.