Riverside Receives Cash Payment and Finalizes Sale with Retained Royalty for Sugarloaf Peak Gold Project
March 28, 2016 – Vancouver, BC: Riverside Resources Inc. (“Riverside” or the “Company”) (TSX-V: RRI), is pleased to announce that it has completed a second amendment (the “Second Amendment”) to the amended option agreement (the “Amended Option Agreement”) with Croesus Gold Corp. (“Croesus”). Under the terms of the Amended Option Agreement (see Riverside’s press release December 21, 2015) Croesus had $300,000 in remaining cash payments due by December 18, 2017. Riverside has agreed to amend the terms such that Croesus can complete its cash payment obligations with an early onetime cash payment of $250,000 plus $42,000 to reimburse Riverside for pre-paid claim fees. Riverside has now received payment of $292,000, which concludes the cash payment obligations as per the Amended Option Agreement. All other underlying material deal terms from the Amended Option Agreement remain unchanged. Riverside holds 6,000,000 Croesus shares and retains a 2% net smelter returns (“NSR”) royalty on the Sugarloaf Peak Gold Project.
Riverside’s President and CEO, John-Mark Staude, stated: “We are pleased to reach another win-win amendment with Croesus. Riverside’s cash position has increased to approximately $4M with this cash payment as the Company continues to maintain a strong treasury with less than 10% dilution to the share structure over the past five years. Riverside and its shareholders have solid upside exposure on future project or partner success through the retained equity position and NSR.”
About Riverside Resources Inc.:
Riverside is a well-funded prospect generation team of focused, proactive gold discoverers. The Company currently has approximately $4,000,000 in the treasury and approximately 37,300,000 shares outstanding. The Company’s model of growth through partnerships and exploration uses the prospect generation business approach to own assets and resources, while partners share in de-risking projects on route to discovery and development. Riverside has additional properties available for option with more information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
Dr. John-Mark Staude, President & CEO
For additional information contact:
President & CEO
VP, Corporate Development
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.