Vancouver (pcJ News Briefs) – Riverside Resources Inc. (TSX-V: RRI; OTCPK: RVSDF; FSE: R99) has completed its previously announced private placement of 6,257,367 units at a price of $0.55 per unit for gross proceeds of $3,441,552. The placement was over-subscribed.
Each unit consists 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 years from closing at a price of $0.85 per share, subject to accelerated expiry.
Management and insiders subscribed for 445,500 units for $267,025.
Riverside Resources 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, for their portion of the funds raised
Riverside Resources 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.
photo credit: Riverside Resources