Riverside Resources Announces Closing of Non-Brokered Private Placement for $3.7 Million

Core Viewpoint - Riverside Resources Inc. has successfully completed a non-brokered private placement, enhancing its shareholder base and positioning for future growth and transactions [1][3]. Group 1: Offering Details - The Offering consisted of 18,460,000 hard-dollar units priced at $0.20 per unit, generating gross proceeds of $3,692,000 [2]. - Each unit includes one common share and one half of a common share purchase warrant, with each whole warrant allowing the purchase of an additional common share at an exercise price of $0.30 for two years [2]. Group 2: Financial Position and Use of Proceeds - The company is in a strong financial position, with the investment from key shareholders indicating trust in its exploration strategy [3]. - Net proceeds from the Offering will be allocated for strategic initiatives, working capital, general corporate purposes, and project advancement [3]. Group 3: Insider Participation and Compliance - Certain directors and officers participated in the Offering, acquiring 225,000 units for total gross proceeds of $45,000, which is classified as a related party transaction [4]. - The company relied on exemptions from formal valuation and minority shareholder approval requirements, as the insider participation did not exceed 25% of the company's market capitalization [4]. Group 4: Regulatory and Compliance Information - No finder's fees were paid in connection with the Offering, and all securities are subject to a statutory hold period of four months and one day, expiring on March 29, 2026 [5]. - The Offering is pending final approval from the TSX Venture Exchange [5]. Group 5: Company Overview - Riverside Resources Inc. is a well-funded exploration company with a solid balance sheet, no debt, and a strong portfolio of gold-silver and copper assets in North America [7].