The race to save the Rio Theatre is on its final leg.

Operators of the East Vancouver cinema are ramping up fundraising events this weekend to collect part of the $3 million they need to put a down payment on the building and save it from potential re-development.

All told, the goal is to raise $2-million from investors and another $1-million from the public in crowdfunding. The fundraising deadline is Tuesday, and as of Friday night, $300,000 had been raised.

Corinne Lea, owner and operator of the theatre, said about 22,000 people have signed the Save the Rio petition, while 3,000 people have donated.

"There's a bit of discrepancy in there," Lea said.

"I know that there are real fans out there who have not donated yet, so we want to make sure that everybody knows now is the time."

Kevin Smith performed

Hundreds of people turned out Friday for two performances featuring director and actor Kevin Smith.

The filmmaker previously attended the Vancouver Film School and achieved fame with his 1994 comedy, Clerks.

Smith suffered a heart attack about a month ago, but still flew in from Los Angeles.

Filmmaker Kevin Smith performed two sold-out shows at the Rio Theatre on Friday. (CBC)

The theatre is hosting a marathon screening Saturday, followed by a two-day telethon.

On Friday, the venue was selling movie memorabilia, donated by Toy Traders in Langley.

Brandon Mindel said the most popular items included a 'Buddy Christ' plush toy and dashboard mount.

"They've been selling like crazy," he said.

Brandon Mindel was selling memorabilia at a Friday night event. (CBC)

Investors are 'very excited'

Not all hope is lost if the theatre doesn't meet its $1 million goal, Lea said.

It means she'll have to secure more money through private investors.

"I have a good group of people who are very excited about supporting the Rio and they love arts and culture," she said.

With files from Meera Bains