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Rift Valley Resources Corp (2)
Symbol RVR
Shares Issued 17,453,329
Close 2018-10-02 C$ 0.08
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Rift Valley arranges $1.12-million private placement

2018-10-02 09:26 ET - News Release

Mr. Griffin Jones reports

RIFT VALLEY RESOURCES CORP., ANNOUNCES NEW PRIVATE PLACEMENT OF UNITS

Rift Valley Resources Corp. has arranged a new private placement of up to 15 million units at 7.5 cents per unit. Each unit consists of one common share in the capital stock of the company and a one-half share purchase warrant. Each whole warrant permits the holder to purchase an additional share at 15 cents per share. The net proceeds from this private placement of units will be used for continuing project development, market analysis, investigation of Metrolink Solutions Inc.'s communication systems business opportunity, as mentioned in previous news releases, as well as general and administrative costs. All of the securities issued in connection with the private placement will be subject to a four-month hold period from the closing date under applicable securities legislation.

Completion of the private placement will be subject to a number of conditions, including the approval of the Canadian Securities Exchange. Rift Valley's management is greatly encouraged by recent developments in one of MetroLink Solutions Inc.'s wholly owned U.S. subsidiaries, Ruralink Solutions Inc., which has completed construction of its first seven QwikCom modular telecom units (MTUs) at its Idaho fabrication facility, which can manufacture 20 QwikCom MTUs per month. QwikCom MTUs are rapidly deployed modular telecom platforms that can be individually custom equipped to provide a varied range of communications and monitoring services, including, but not limited to:

  • Rural, last-mile, wide-area Wi-Fi coverage;
  • High throughput television "white space" systems for Internet access over longer distances;
  • Ability to be equipped with cameras, monitors and sensors for reliable property and border surveillance;
  • Associated telecom system that can link video and other surveillance data by satellite to remote monitoring locations virtually anywhere in the world;
  • Multiple MTUs can be wirelessly interconnected to provide wide-area coverage for communications, Internet access or video surveillance.

Rift Valley's market research and feedback for the QwikCom units have shown interest from several industries and services applications for: disaster relief (FEMA) and first responder co-ordination (hurricane, floods and earthquakes), military communications, security and monitoring, corporate social responsibility applications in remote areas, highway management, border and property security, and movie and festival industries. On July 26, 2018, Rift Valley and MetroLink signed a revised letter of intent, wherein, subject to satisfactory due diligence as well as shareholder and regulatory approvals, Rift Valley would purchase 100 per cent of MetroLink's issued and outstanding shares for shares of Rift Valley on a one-share-for-one-share basis.

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