VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 17, 2017) - Riverside Resources Inc. ("Riverside" or the "Company") (TSX VENTURE:RRI)(OTC PINK:RVSDF)(FRANKFURT:R99) is pleased to announce it has closed its previously announced private placement. The placement was over-subscribed and the Company issued 6,257,367 units at a price of $0.55 per unit for gross proceeds of $3,441,552 instead of the 5,500,000 units ($3,025,000) originally contemplated.
Each unit (a "Unit") consisted 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 if the Company's shares trade at $1.15 or higher for 15 consecutive trading days after July 16, 2017 but prior March 15, 2018.
Management and insiders subscribed for 445,500 Units for $267,025 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 $78,660 to Sprott Global Resource Investments Ltd., $14,610 and 3,000 Units to Haywood Securities Inc., and $31,515 to two other finders.
All securities issued pursuant to the private placement and as finders' fees will be subject to a four-month hold period expiring on July 16, 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.
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. The Company structures partnerships on many of its projects to reduce risk and generate multiple discovery chances across the Company's portfolio. The Company has approximately $6,500,000 in the treasury and less than 45,000,000 shares outstanding. Riverside has additional properties available for option with more information available on the Company's website at www.rivres.com.
