March 16, 2017 – Vancouver, BC: Riverside Resources Inc. ("Riverside" or the "Company") (TSX-V: RRI) 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 to 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. 

ON BEHALF OF RIVERSIDE RESOURCES INC.

"John-Mark Staude"

Dr. John-Mark Staude, President & CEO

For additional information contact:

Certain statements in this press release may be considered forward-looking information. These 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Original Article: http://www.rivres.com/index.php/news/2017-news/320-riverside-resources-inc-closes-3-44-million-private-placement