March 13, 2017 – Vancouver, BC: Riverside Resources Inc. ("Riverside" or the "Company") (TSX-V: RRI) is pleased to announce that its previously announced private placement of up to 5,500,000 units at $0.55 per unit has been oversubscribed. The Company has now closed subscriptions at 6,257,367 units for total proceeds of $3,441,552, an oversubscription of 757,367 units and $416,552.
Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant will be 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.
Closing of the private placement is subject to TSX Venture Exchange approval, which has been applied for on March 10, 2017. The Company intends to use the proceeds of the private placement for a first phase exploration program at the Company’s Cecilia Gold Project, for further property acquisitions and general working capital purposes.
Management, directors, advisors and insiders subscribed for a total of 445,500 units for $267,025 in total proceeds.
3,000 units and $124,785.11 will be paid as finders’ fees with respect to a portion of the funds raised.
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 company focused on creating value by leveraging the strengths of its technical and business teams to acquire gold and silver projects and develop high-potential drill targets that lead to new discoveries. The Company structures partnerships on many of its projects to reduce risk and generate multiple discovery chances across the Company’s portfolio. Following closing of the private placement, the Company will have approximately $6,500,000 in the treasury and less than 44,000,000 shares outstanding. 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
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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.