Riverside Increase Previously Announced Private Placement Financing
February 17, 2011 – Vancouver, BC: Riverside Resources Inc. ("Riverside" or the "Company") (TSX-V: RRI) announces that it has increased the size of its previously announced private placement (February 4, 2011) from $5,035,000 to $5,510,000 (the "Increased Offering"). Under the Increased Offering, the Company will issue a further 500,000 common share units (the "Units") at a price of $0.95 per unit, for additional proceeds of $475,000. The Increased Offering now comprises a total of 5,800,000 Units with each Unit consisting of one common share and one 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 $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 proceeds of the Increased Offering will be primarily used for property acquisition and advanced exploration on the Company’s 100% owned properties. The Increased Offering is subject to all necessary regulatory approvals, and the Units issued pursuant to the Increased Offering will be subject to a four-month hold period from the date of the closing.
About Riverside Resources:
Riverside is a prospect generation exploration team of focused, proactive gold discoverers with the breadth of knowledge to dig much deeper. The Company currently has approximately 25,000,000 shares issued. The company has an experienced exploration team that leverages its in-house technical knowledge and vast experience in the field to make discoveries. The Company is currently working towards finalizing several important events that fit within the Company’s model of growth through partnerships and exploration. 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.
Dr. John-Mark Staude, President & CEO
For additional information contact:
Manager, Corporate Development
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