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FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S.
NEWS AGENCIES
RIVERSIDE RESOURCES CLOSES $5.5M FINANCING
March 4, 2011 � Vancouver, BC: Riverside Resources Inc. ("Riverside"
or the "Company") (TSX-V: RRI) is pleased to announce today that it has
closed the private placement previously announced on February 4 and 17,
2011 (the �Offering�). A total of 5,800,000 units were issued in the
financing at a price of $0.95 per unit for gross proceeds to the Company of
$5,510,000.
Each unit consists of one common share and one common share purchase
warrant. Each warrant entitles the holder to acquire one additional common
share for a period of two years at a price of $1.40 in the first year and
$1.60 in the second year. The term of the warrants is subject to an
accelerated exercise provision that triggers a shortened exercise period in
the event that the Company�s shares trade at a volume weighted average
trading price of $1.90 or higher for 15 consecutive trading days in the
first year or $2.30 or higher for 15 consecutive trading days in the second
year.
The
Offering was led by Sprott Inc�s recently
acquired Global Resource Investments Ltd. In connection with the private
placement, finder�s fees were paid by issuing an aggregate of 275,951 units
at a deemed price of $0.95 per unit, having the same terms and conditions
as the units under the Offering, and 189,473 compensation warrants. Each
compensation warrant entitles the holder to acquire one common share at a
price of $1.20 per share, exercisable for a period of 24 months from the
date of the closing of the Offering. All units and warrants so issued will
be subject to a four month hold period expiring July 5, 2011.
The net proceeds of the financing will be used for property
acquisitions, advanced exploration and targeted drilling in Mexico,
and for general working capital.
About Riverside
Resources:
Riverside
is a well-funded prospect generation team of focused, proactive gold
discoverers with the breadth of knowledge to dig much deeper. The Company
currently has approximately $9,000,000 in the treasury and fewer than
32,100,000 shares issued. Riverside
anticipates up to 15,000 meters of drilling on the Company�s projects in
2011 by its partners. The Company�s model of growth through partnerships
and exploration looks to use the prospect generation business approach to
own resources, while partners share in de-risking projects on route to
discovery. Additional property information on the Company�s projects can be
found on the Riverside Resources Inc. website at www.rivres.com.
ON
BEHALF OF RIVERSIDE RESOURCES INC.
"John-Mark
Staude"
Dr.
John-Mark Staude,
President & CEO
For additional information contact:
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SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE
AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE
NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN
THE UNITED STATES OR TO U.S.
PERSONS ABSENT REGISTRATION OR APPLICABLE EXEMPTION FROM REGISTRATION
REQUIREMENTS.
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.
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