Mr. David W. Johnston reports:
TORONTO, ONTARIO, February 26, 2013: Rainbow Resources Inc. ("RBW" - TSX.V:, "RIINF" - OTCQX: ) ("Rainbow" or the "Company") announces that it intends to complete a non-brokered financing to raise approximately $1 million. Senior management and their associates have announced their intention to subscribe for a minimum of $200,000 of this financing.
The financing will be comprised of both units at $0.10 and flow through units at $0.12. All units will include one warrant which will entitle the holder to acquire one additional common share at $0.15 for a period of 24 months. In connection with this financing, Rainbow will be paying a commission of 8% cash and 8% broker warrants.
The proceeds of this financing will be used to continue exploration on the Company's gold and silver properties in the Slocan Valley (the Gold Viking and the International) and in Nevada (the Jewel Ridge), on the prospective graphite property adjacent to Eagle Graphite Corp's processing facility also in the Slocan Valley area of south-eastern British Colombia and for general working capital purposes.
Rainbow is encouraged by the results of its 2012 exploration programs on its gold and silver properties, in particular the Jewel Ridge Project in Nevada and the Gold Viking Property in the West Kootenays where important recent discoveries have been made. Samples from both properties will be on display at the upcoming PDAC Convention in Toronto where Rainbow will be participating in the Session "A" Core Shack Display.