Riverside Resources Inc. Closes $2.8 Million Private Placement
Riverside Resources Inc. Closes $2.8 Million Private Placement
THIS NEWS RELEASE IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
VANCOUVER, British Columbia, March 19, 2019 (GLOBE NEWSWIRE) -- Riverside Resources Inc. ("Riverside" or the "Company")
(TSX-V: RRI) is pleased to announce it has closed its previously announced private placement. The placement was over-subscribed and
the Company issued 17,488,875 units at a price of $0.16 per unit for gross proceeds of $2,798,220 instead of the 9,375,000 units
($1,500,000) originally contemplated.
Each unit consists of one common share and one whole common share purchase warrant (“Unit”). Each common share purchase warrant
is exercisable into one common share for a period of two (2) years from closing at a price of $0.22 (“Warrant”). If, at any time after July 20,
2019, the closing price of the common shares on the TSX Venture Exchange (“TSX-V”) trades at a VWAP equal or greater than $0.45 for
10 consecutive trading days, the Company may accelerate the expiry date of the Warrants by disseminating a press release announcing
the new expiry date whereupon the Warrants will expire on the 30th trading day after the date on which such press release is disseminated.
Management and insiders subscribed for 845,000 Units for $135,200 in total proceeds to the Company.
With respect to a portion of the funds raised in the private placement, the Company paid finders’ fees of $87,312 to Sprott Global Resource
Investments Ltd., $20,076.80 and 12,000 Units to Haywood Securities Inc., 16,000 Units to Canaccord Genuity, and $1,280 to PI Financial
Corp.
All securities issued pursuant to the private placement and as finders’ fees will be subject to a four-month hold period expiring on July 20,
2019.
The Company will use the proceeds of the financing to fund a focused drill program at the Cecilia Gold Project, additional project
acquisitions and further target refinement on existing projects to advance towards new partnerships.
The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States or to, or for the account or benefit of, U.S. persons without United States federal and state registration or
an applicable exemption from registration requirements.
About Riverside Resources Inc.:
Riverside is an exploration company driven by value generation and discovery. The company has fewer than 65M shares issued and a
strong portfolio of gold-silver and copper assets in North America. Riverside has extensive experience and knowledge operating in Mexico
and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside ’s own exploration
spending, the Company also strives to diversify risk by securing joint -venture and spin -out partnerships to advance multiple assets
simultaneously and create more chances for discovery. Riverside has additional properties available for option, with more information
available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
"John-Mark Staude"
Dr. John-Mark Staude, President & CEO
For additional information contact:
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of
forward-looking terminology (e.g., "expect”,” estimates", "intends", "anticipates", "believes", "plans"). Such information involves known and
unknown risks -- including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results
and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that
may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
John-Mark Staude
President, CEO
Riverside Resources Inc.
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com
Raffi Elmajian
Corporate Communications
Riverside Resources Inc.
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web: www.rivres.com