On January 19, 2017, Rio Silver Inc. (TSXV:RYO) closed the transaction. The company issued 1,250,000 units for gross proceeds of CAD 75,000 in the second tranche to Magellan Gold Corporation (OTCPK:MAGE). The warrants will expire on July 19, 2018.

The securities in the first tranche are subject to a hold period expiring on May 20, 2017. The TSX Venture Exchange has given approval to close the transaction.