Rhyolite Resources Ltd. (TSXV:RYE) announced a brokered private placement of a minimum 10,000,000 units and up to a maximum of 16,000,000 at CAD 0.10 per unit for gross proceeds of minimum of CAD 1,000,000 and maximum of CAD 1,600,000 on January 26, 2017. Each unit will comprise of one common share and one-half share purchase warrant. Each warrant will entitle the holder to acquire one additional common share at CAD 0.15 per share at any time on or before the date which is 24 months after the closing date. The securities issued are subject to statutory hold period of four months and one day. The transaction is subject to receipt of all necessary corporate and regulatory approvals, including that of the TSX Venture Exchange.