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VANCOUVER, British Columbia, Dec. 07, 2021 (GLOBE NEWSWIRE) -- Rhyolite Resources Ltd. (TSXV: RYE) (“Rhyolite” or the “Company”) has announced today that it has entered into an agreement with BMO Capital Markets (“BMO”), under which BMO has agreed to buy on a bought deal basis by way of private placement, 16,000,000 common shares (the “Common Shares”) of the Company, at a price of C$0.88 per Common Share (the “Offering Price”) for gross proceeds of approximately C$14 million (the “Bought Deal Private Placement”). Rhyolite is also undertaking a non-brokered private placement of approximately C$4 million at a price per Common Share equal to the Offering Price (the “Non-Brokered Private Placement”, and together with the Bought Deal Private Placement, the “Offering”). In addition, the Company has also granted BMO an option, exercisable up to 48 hours prior to the closing of the Offering, to purchase up to an additional 4,500,000 Common Shares purchased pursuant to the Bought Deal Private Placement.