Rio Theatre campaign given 1 more month to buy the building

April 2: A 30-hour telethon was held in the hope of raising $1 million to save Vancouver's Rio Theatre.

The Rio Theatre has been given one more month to raise the money needed to buy the venue and keep the popular East Vancouver cinema in business.

Operator Corinne Lea announced the news during a 30-hour webcast telethon on Monday night.

WATCH: Victory for Rio Theatre but battle not over yet

“We have one more month before we have to remove subjects,” she told a crowd of people to cheers and applause.

“And that is absolutely amazing, because that is all we needed.”

The Rio was initially given until April 7 to remove subjects from a deal that would see the cinema make a down payment estimated at $3 million so that it could obtain a mortgage on the property.

LISTEN: Saving the Rio 

But Leonard Schein, the owner of the property and the former proprietor of venues such as the Park and the Ridge Theatre, has given the business more time to come up with the cash.

The Rio, known for screening classic, modern and independent films as well as events such as concerts, comedy and burlesque nights, has been raising the money through various means, including talking to investors and soliciting donations through an Indiegogo campaign.

READ MORE: Rio Theatre holds 30-hour telethon to raise $1M to save the building

The campaign, which aims to raise $1-million, had taken in just over $381,000 as of Monday night.

The Indiegogo campaign will now run for another two weeks.

“If we’re at 40 per cent right now, I think we can reach our goal,” Lea said.

The campaign to save the Rio has drawn interest from celebrities including Clerks director Kevin Smith, who hosted an event there on Friday night.

WATCH: Director Kevin Smith helps save the Rio Theatre

Smith had previously pledged to “literally hold the doors open with… my large body.”

Deadpool star Ryan Reynolds has also donated to save the theatre.

© 2018 Global News, a division of Corus Entertainment Inc.

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