February 21, 2017: Vancouver, BC – Riverside Resources Inc. (the “Company” or “Riverside”) is pleased to announce that it has arranged a non-brokered private placement of up to 5,500,000 units at a price of $0.55 per unit to raise aggregate proceeds of up to $3,025,000. Each unit consists of one common share and one half of one common share purchase warrant. Each whole common share purchase warrant is exercisable into one common share for a period of two (2) years from closing at a price of $0.85 per share. The term of the warrants is subject to an accelerated exercise provision that triggers a shortened exercise period in the event that the Company’s shares trade at $1.15 or higher for 15 consecutive trading days after the expiry of four months from the issuance of the warrant but prior to the expiry of the first year of the warrant term.
The Company will use the proceeds of the financing to fund a first phase exploration program at the Cecilia Gold Project, additional project acquisitions and general corporate purposes.
The Company may pay finders fees to qualified finders of up to 6.0% of the proceeds realized from subscribers identified by the finder in cash or units.
The closing of the Private Placement is subject to TSX Venture Exchange approval.
The securities 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 absent registration or an applicable exemption from registration requirements.
About Riverside Resources Inc.:
Riverside is a well-funded exploration team of focused, proactive gold discoverers. The Company currently has approximately $3,300,000 in the treasury and approximately 37,500,000 shares outstanding. The Company’s model of growth through partnerships and exploration uses the prospect generation business approach to own resources, while partners share in de-risking projects on route to 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.
Dr. John-Mark Staude, President & CEO
For additional information contact:
VP, Corporate Development
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.