Vancouver, British Columbia--(Newsfile Corp. - March 19, 2020) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: R99) ("Riverside" or the "Company") provides a brief update to its shareholders and followers during this unprecedented time with the COVID-19 outbreak, evolving government recommendations and current market uncertainty. The Company remains in a strong overall position with high-value properties and partnerships which also help to reduce capital expenditures. The Company currently has local teams on the ground carrying out partner-funded work programs on Riverside owned assets. Riverside continues to maintain a tight share structure, with no debt and cash in the bank.
The bulleted list below outlines the Company's current capital structure and plans the Company is focused on during this time:
- Cash position: Riverside has more than C$2,000,000 in cash, no debt and a tight share structure with ~63,000,000 shares outstanding.
- Joint-Venture funding: In May 2020, Riverside is set to receive another US$1,000,000 through its strategic funding agreement with BHP for generative copper exploration in northeastern Sonora, Mexico. The current cash position of Riverside is in addition to BHP funding.
- Other Assets and Revenue Streams: Riverside holds marketable securities worth over $1,000,000 CDN and has retained NSR's on previously partnered projects.
- Riverside Shareholder Vote & TSX-V Approval: Spin-out of the Peñoles Project into Capitan Mining Corp. vote to take place on March 31, 2020 (see press release, February 25, 2020).
- Exploration Expenditures: Exploration efforts will be advanced using the Prospect Generator partner-funding model with minimal expenditures through Riverside's treasury while this crisis persists.
- Progressing new JV deals: Over the past few months Riverside has been working on a JV partnership and is progressing to close an option agreement for exploration funding on high-grade Au-Ag projects in Mexico as well as working on JV initiatives for our Canadian assets which are low cost to hold, ready to drill and 100% owned.
Riverside's President and CEO, John-Mark Staude, stated: "Riverside is in a strong position with a focused and dedicated team, good infrastructure, communications, and no requirements for significant capital outlays for the foreseeable future. We are fortunate to have a strong cash position, a proven Exploration Funding Agreement in place with BHP and other 100% owned assets that don't require significant underlying payments to maintain. We will continue to evaluate this rapidly evolving situation and make adjustments where necessary. We believe there will be better days ahead for junior precious metal companies and given the Company's current financial flexibility we remain confident that we are well-positioned to create shareholder value. Finally, Riverside is deeply concerned for the staff in the countries we work in and have directed them to put themselves and their families safety first during these unprecedented times."
Riverside is following the regulations and guidelines set forth in the countries where the Company operates and is taking all safety precautions and government recommendations very seriously.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has no debt and approximately 63M shares outstanding with a strong portfolio of gold-silver and copper assets in North America. Riverside has extensive experience and knowledge operating in Canada and Mexico and leverages its large database to generate a portfolio of prospective mineral properties. The Company strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. 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:
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/53594