By Devika Patel
Knoxville, Tenn., April 23 - Riverside Resources Inc. said it raised C$1.51 million in an oversubscribed non-brokered private placement of units. The deal priced for C$1 million on April 1.
The company sold 3,771,500 units of one share and one warrant at C$0.40 per unit. Each two-year warrant will be exercisable at C$0.65 in the first year and at C$0.85 thereafter.
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.
Based in Vancouver, B.C., Riverside is a mineral exploration company.
| Issuer: | Riverside Resources Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$1,508,600
|
| Units: | 3,771,500
|
| Price: | C$0.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65 in the first year, C$0.85 thereafter
|
| Agent: | Non-brokered
|
| Pricing date: | April 1
|
| Settlement date: | April 23
|
| Stock symbol: | TSX Venture: RRI
|
| Stock price: | C$0.49 at close April 1
|
| Market capitalization: | C$7.13 million
|
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