I’d like to personally thank you for your support and contribution to Riverside’s future growth and success. We recently completed our first equity financing in over six years. Our team takes pride in the Company’s fiscal management and dedication to building value with a blend of intellectual and partner capital to stretch every dollar spent. Riverside is in a very strong position with less than 45M shares issued and more than $6M in the bank with no debt.
This strong cash position does not include the equity positions we have built in other junior companies. One of our private partners, Silver Viper Minerals, recently filed an IPO prospectus with the TSX-V to list a new company that will focus on advancing our Clemente Silver-Gold Project in Sonora, Mexico. Riverside holds 1M shares in Silver Viper and will continue to receive cash and share payments as the project progresses. Riverside also holds 3M shares in another private company called Croesus Gold Corp., with Croesus also expected to complete a go-public transaction in 2017.
Since inception we have generated $2.50 in partner-funded work for every $1 the Company spends. This ability to generate partner-funding exposes shareholders to exploration results and discovery chances across multiple projects and reduces risk and cash burn for Riverside. Shareholders can now look forward to active partner work with major metal producers like Centerra Gold. Centerra has completed deep trench work at our Glor Gold Project, with an initial drill program now commencing to test multiple gold targets on the property. The two private companies noted above are also expected to complete exploration programs this year and we are confident we will deliver multiple new partnerships on existing 100% projects in 2017.
One project we will not look to partner initially is the recently acquired Cecilia Gold Project. This is a project we identified years ago and gained more knowledge about the project and its history while completing regional work in the area in 2015. We are excited about the potential at Cecilia and will be reprocessing historic data and undertaking mapping and field sampling work to verify historic results, with the aim of building on past knowledge to make new gold discoveries. Shareholders can look forward to news flow from Cecilia in the months ahead as the Company works up targets on the project. We have identified a number of new growth assets for acquisition and will continue to build the portfolio and generate high-quality drill targets to expose our shareholders to multiple discovery chances every year.
We appreciate engaged shareholders and encourage you to call our Communications Team (778.327.6671 x 304) with any questions or comments about the Company. If you wish to receive news releases and investor updates straight to your inbox, please click here to sign up.
Thanks again for your commitment to being a Riverside shareholder. We promise to work hard to create value, grow the company and make this next stage a positive step for Riverside and all of its owners.
President, CEO & Director