Riverside Resources closes $3.69-million financing

Executive Summary

• Riverside Resources Inc. has completed the closing of a non-brokered private placement, raising gross proceeds of $3,692,000.
• The offering consisted of 18.46 million units priced at $0.20 per unit, with each unit comprising one common share and one-half of one common share purchase warrant.
• Net proceeds are designated for strategic initiatives, working capital, general corporate purposes, and project advancement.

Key Details

• Gross Proceeds: $3,692,000.
• Units Issued: 18.46 million hard-dollar units.
• Price Per Unit: $0.20.
• Warrant Terms: Each unit includes one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at an exercise price of $0.30.
• Warrant Expiration: Two years from the date of issuance.
• Insider Participation: Directors and officers acquired an aggregate of 225,000 units for total gross proceeds of $45,000. This constitutes a related party transaction under Multilateral Instrument 61-101.
• Use of Proceeds: Strategic initiatives, working capital, general corporate purposes, and advancement of projects.
• Hold Period: Statutory hold period of four months and one day, expiring on March 29, 2026.
• Regulatory Status: Subject to final approval of the TSX Venture Exchange.
• Finders' Fees: None paid.

Notable Quotes

• "Riverside is in a strong financial position and this strategic additional investment by key shareholders who have stayed with us over many cycles continues our growth," said John-Mark Staude, president and chief executive officer of Riverside Resources. "Their continued support signals trust in our approach of finding and curating exploration business, including spinouts to shareholders and retaining royalties."