Riverside Receives $650,000 in Proceeds From Private Sale of 3,000,000 Croesus Gold Corp Shares
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 31, 2016) – Riverside Resources Inc. (“Riverside” or the “Company”) (TSX VENTURE:RRI)(OTC PINK:RVSDF)(FRANKFURT:R99) has sold 3,000,000 common shares in privately held Croesus Gold Corp (“Croesus”) for total proceeds of $650,000 CAD. The Company received 6,000,000 Croesus common shares as part of the Sugarloaf Peak Project sale (see Riverside press releases dated December 21, 2015 and March 28, 2016). Riverside continues to hold 3,000,000 Croesus common shares and retains a 2% net smelter return royalty (NSR) on the Project.
Riverside’s VP, Corporate Development, Joness Lang stated: “We are pleased to monetize a portion of our shareholding in Croesus while still holding upside exposure to project success through the 2% NSR and future corporate success through the remaining 3,000,000 shares.” Lang added, “This non-dilutive $650,000 in cash proceeds brings Riverside’s cash position to approximately $3,750,000 and positions the Company well to continue adding high-quality exploration projects and running its project generator exploration business.”
About Riverside Resources Inc.:
Riverside is a well-funded exploration team of focused, proactive gold discoverers. The Company currently has approximately $3,750,000 in the treasury and less than 37,500,000 shares outstanding. The Company’s model of growth through partnerships and exploration uses the prospect generation business approach to own resources, while partners share in de-risking projects on route to discovery and development. For more information please visit the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
Dr. John-Mark Staude, President & CEO
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.
- Riverside Resources Inc.
- John-Mark Staude
- President & CEO
- (778) 327-6671
- Fax: (778) 327-6675
- Riverside Resources Inc.
- Joness Lang
- VP, Corporate Development
- (778) 327-6671 or TF: (877) RIV-RES1