TORONTO, ONTARIO, October 3, 2013 -- Rainbow Resources Inc. (TSX VENTURE: RBW) (OTCQX: RIINF) ("Rainbow" or the "Company") announces that it has closed a first tranche of $105,000 of its planned financing of $500,000.
The financing was comprised of $80,000 of units at $0.05 where each unit includes one common share and one warrant where each full warrant entitles the holder to acquire one additional common share at $0.10 for a period of 18 months. The balance of the financing, $25,000 was comprised of flow through units at $0.05 where each unit includes one flow through common share and one warrant where each full warrant entitles the holder to acquire one additional common share at $0.10 for a period of 18 months.
The proceeds of this financing are being used to advance the company's exploration projects in British Colombia and in Nevada and also for general and administrative expenses. Rainbow anticipates closing the balance of this financing by the end of October.
For further information: President David W. Johnston - (403) 701-2781.
Visit our website at www.RainbowResourcesRBW.com
About Rainbow Resources:
Rainbow is a Canadian based junior exploration company focused on building shareholder wealth through aggressive exploration in two favourable and proven mining jurisdictions - the West Kootenays in southeast British Columbia (silver, gold and flake graphite), and Nevada where Rainbow's Jewel Ridge gold-silver project is in the heart of a major producing district. Rainbow's shares are listed for trading on the TSX Venture Exchange under the symbol RBW.V, and on the OTCQX International under the symbol RIINF.
Rainbow currently has 48,320,052 common shares issued and outstanding.
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks,(more)uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release.