Riverside Resources Announces $1.45 Million Private Placement With Cliffs Natural Resources Exploration Inc.
August 19, 2010 – Vancouver, BC: Riverside Resources Inc. ("Riverside" or the "Company") (TSX-V: RRI) announces that it intends to complete a non-brokered private placement financing with Cliffs Natural Resources Exploration Inc. (“Cliffs”), subject to TSX Venture Exchange approval. Riverside will issue 2,416,667 common shares at a price of $0.60 per share, for total proceeds of $1,450,000. All securities issued in the private placement will be subject to a 4 month hold period from the closing of the private placement. No warrants or finders fees are attached to this private placement.
The proceeds from the placement will be used for exploration activities in Mexico and the United States and for general working capital requirements.
About Riverside Resources:
Riverside is a well funded prospect generation exploration team of focused, proactive gold discoverers with the breadth of knowledge to dig much deeper. The company has a high potential portfolio, three joint ventures, and two exploration alliances. Riverside’s experienced exploration team leverages its in-house technical knowledge to make discoveries. Additional property information for the Company’s projects can be found on the Riverside Resources Inc. website at www.rivres.com.
About Cliffs Explorations:
Cliffs Natural Resources Exploration Inc. is a wholly-owned subsidiary of Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF), an international mining and natural resources company.
ON BEHALF OF RIVERSIDE RESOURCES INC.
Dr. John-Mark Staude, President & CEO
For additional information contact:
Manager, 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.