Riverside Resources Raises Over $1.5 Million In
Oversubscribed Private Placement
April 23, 2009 -- Vancouver, British Columbia: Riverside Resources Inc. (TSX.V: RRI) ("Riverside" or
the "Company"), is pleased to announce that today it has closed
the non-brokered private placement previously announced on April 1, 2009. A total of
3,771,500 units were issued in the financing at a price of $0.40 per unit
for gross proceeds to the Company of $1,508,600 representing an
oversubscription of $508,600 from the previously announced amount of
$1,000,000. Each unit consists of one common share and one common share
purchase warrant. Each warrant will entitle the holder to acquire one
common share of Riverside Resources for a period of 24 months from the
closing date at a price of $0.65 in the 12 months immediately following the
closing date and $0.85 thereafter.
"We are pleased at the significant interest in the financing from both
current and new shareholders despite the ongoing uncertainty in the global
financial markets. We appreciate the continued support from our
shareholders and believe that with the funds we will create more value in
the near future. Our team will continue to focus on Riverside's prospect generator business
model as it is clear that our shareholders support the steps that we have
taken thus far in implementing it", stated John-Mark Staude, President
and CEO of Riverside Resources Inc.
The proceeds will be used to fund a drill program on Riverside's
Sugarloaf Peak Gold Project in Arizona and
to facilitate the acquisition of advanced gold properties in, among other
regions, Mexico.
This financing is subject to regulatory approval and the securities issued
under the Offering will be subject to a four-month hold period. In
connection with the private placement, a finders fee was paid of $20,880
cash and 175,080 units at a deemed value of $0.40 per unit.
About Riverside Resources:
Riverside Resources Inc. operates under a joint-venture, shared-risk
business model that capitalizes on the Company's technical knowledge and
vast experience in the field. The Company acquires quality projects in
stable jurisdictions that have unrecognized upside and solid potential for
discoveries, and creates value by undertaking the initial exploration and
evaluation work that is needed to justify further development. By
generating a property portfolio with significant upside Riverside's dedicated team of proven
resource discoverers is able to partner with other companies who invest the
capital required to advance the projects towards production. Subsequent to
the closing of the private placement financing the Company has
approximately $4,500,000 in the treasury and 21,805,080 shares outstanding.
Additional property information and diagrams that have been compiled by Riverside's in-house
exploration team can be found on the Riverside Resources Inc. website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
"John-Mark Staude"
Dr. John-Mark Staude, President & CEO
Certain statements in this press
release may be considered forward-looking information, which 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.
For additional information contact:
John-Mark Staude,
President & CEO
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com
Alex Mason
Corporate Communications Manager
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
You can also view this News Release on our website
at:
http://www.rivres.com/s/NewsReleases.asp?ReportID=345663
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