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Rift Valley Resources Corp. (CSE: RVR) has arranged a private placement of $1,400,000 at $0.05 cents per unit.
Rift Valley Resources Corp. (the “Company”) (CSE: RVR) has arranged a private placement of $1,400,000 at $0.05 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 for 2 years.
The net proceeds from this private placement will be used for continuing project development of a broadband wireless net work in Crockett Texas and general and administrative costs.
Initial wireless ISP broadband network deployment is ongoing on the Crockett, Texas, the first of a proposed 130 regional networks throughout rural United States, representing an addressable market of over 44 million people.It is estimated that there are over 160 million people, primarily in rural areas in the USA, who have limited or no access to true broadband internet connectivity.
The Company has teamed with ARK Multicasting, Inc. (“ARK”) to create its new Hybrid Broadcast Broadband network. The parties will conduct a two-phase pilot program in Crockett, Texas to leverage the use of licensed TV broadcast spectrum with unlicensed radio spectrum including TV White Space (“TVWS”) which are the unoccupied television channels to create a highly efficient and cost-effective broadband internet access solution providing wireless (“last mile”) internet access in rural areas.
About ARK Multicasting, Inc: ARK is a licensed television broadcaster which controls 280 TV licenses in the US providing internet protocol (“IP”) content delivery services. 130 of the ARK television licenses are in rural markets, providing substantial coverage to the residential, enterprise and government facilities in these underserved markets.
About Ruralink Broadband, Inc: Ruralink is an innovative solutions-driven company founded by executives with extensive experience in wireless, fiber, satellite, and related communications technologies and services.
The company’s core focus includes:
Deployment and operations of low-cost, highly reliable, wireless broadband ISP access networks in underserved areas.
Access to broadband internet content, applications, and services, designed to improve the lives of people living in market areas that do not have cost-effective broadband ISP services.
About Rift Valley Resources Corp: Rift Valley Resources Ltd. is a publicly traded company listed on the Canadian Securities Exchange (CSE). The Company on January 24 2019 announced the appointment of Mr. Vern Fotheringham as its Non-Executive Chairman.
On behalf of the Board of Directors,
Griffin Jones
Griffin Jones
CEO
For more information, please contact Mr. Griffin Jones 604 682 7339 or gjones@ruralinkwireless.com
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of the content of this news release.
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