Riverside Resources closes $3.7 million private placement

Riverside Resources Inc. (TSXV: RRI) completed a non-brokered private placement raising $3.7 million in gross proceeds, the company announced December 1.

The offering consisted of 18.46 million units priced at $0.20 per unit. Each unit includes one common share and one-half of a common share purchase warrant. The warrants allow holders to purchase additional shares at $0.30 each for two years from issuance, subject to acceleration provisions.

"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 CEO. "Their continued support signals trust in our approach of finding and curating exploration business including spin outs to shareholders and retaining royalties."

The Vancouver-based exploration company plans to use proceeds for strategic initiatives, working capital, general corporate purposes and project advancement. Directors and officers participated in the offering, purchasing 225,000 units for $45,000 in total.

The insider participation constitutes a related party transaction under securities regulations. The company relied on exemptions from formal valuation and minority shareholder approval requirements since the fair market value of securities issued to insiders does not exceed 25 percent of the company's market capitalization.

No finder's fees were paid in connection with the offering. All securities are subject to a four-month and one-day hold period expiring March 29, 2026. The offering requires final approval from the TSX Venture Exchange.

Riverside maintains a portfolio of gold-silver and copper assets and royalties in North America. The company reports having no debt and 93 million shares outstanding.

You May Also Be Interested In

• Magnolia Said In Lead To Acquire Wildfire For Over $4 Billion - Bloomberg
• Spyre Therapeutics (SYRE) files mixed shelf
• onsemi downgraded by TD Cowen after Synaptics deal clouds growth story