Riverside Announces the Termination of Reorganization and Option Agreements With Guerrero Exploration Inc.
Riverside Resources Inc. announces that it has received notice from Guerrero Exploration Inc. of its termination of the reorganization agreement between Riverside and Guerrero announced June 19, 2012. At the time the Reorganization Agreement was entered into, Guerrero was in default with respect to its option to acquire up to a 70% interest in the Chapalota property, Mexico, from the Company pursuant to an option agreement between the parties announced June 30, 2011. One of the purposes of the Reorganization Agreement was to set forth new terms upon which Guerrero could earn a 100% interest in the Chapalota property. With the termination of the Reorganization Agreement, Guerrero’s option to acquire an interest in the Chapalota property has now terminated.
