A Vancouver-based small cap announced the closing of the sale of its Anocarire mining concessions to Andex Minerals Chile SpA following the successful completion of Andex’s purchase option. According to the release, the Anocarire mining concessions were one of the non-core assets resulting from the Company’s business combination with Atacama Pacific Corporation in July 2018. Shares of Rio2 Ltd (OTCQX:RIOFF) rallied strongly on the news as the company received $5 million for the sale.
Rio2 Ltd is a mining company with a focus on development and mining operations. It is focused on taking its Fenix Gold Project in Chile to production in the shortest possible timeframe based on a staged development strategy. In addition to the Fenix Gold Project in development in Chile, the company continues to pursue additional strategic acquisitions where it can deploy its operational excellence and responsible mining practices to build a multi-asset, multi-jurisdiction, precious metals company.
Traders were optimistic on the news as shares traded up to $0.505/share (+5.14%) on Wednesday. This move could be an indication of things to come as this stock attempts to breakout of its multi-month trading range.
