Location

Riverside Resources Inc. (“Riverside” or the “Company”) (TSX VENTURE:RRI)(PINKSHEETS:RVSDF)(FRANKFURT:R99) announces that it has acquired ownership of and control over 1,550,388 common shares of Sierra Madre Developments Inc. (“Sierra Madre”), representing approximately 2.18% of the issued and outstanding common shares of Sierra Madre. As a result, Riverside now has ownership and control over 8,409,656 common shares of Sierra Madre, representing approximately 11.8% of Sierra Madre’s issued and outstanding shares.


The 1,550,388 common shares were acquired by Riverside pursuant to Sierra Madre’s partial exercise of its option to acquire an interest in a mineral property optioned by Sierra Madre from Riverside under an Option Agreement dated February 14, 2012 (the “Option Agreement”). Accordingly, at this time the consideration offered by Riverside and comprising the purchase price for the 1,550,388 common shares of Sierra Madre was Riverside’s grant of the option under the Option Agreement. If the option is eventually exercised by Sierra Madre, the 1,550,388 common shares will have been issued for a consideration equivalent to the percentage value that they represent of the total value of the payments and expenditures required to exercise the option, as a function of the value of the mineral property interest acquired. The 1,550,388 common shares were issued by Sierra Madre at a deemed price of $0.0645 per share.


Under the Option Agreement, additional common shares of Sierra Madre may be issued to Riverside, in addition to other payments and expenditure requirements, in order to exercise the option therein. The number of additional shares that may be so issued is subject to certain elections that may be made by Sierra Madre and the market value of such shares at the time of issue, and therefore cannot be determined at this time. Otherwise, Riverside may, depending on market and other conditions, increase or decrease its beneficial ownership of Sierra Madre’s securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.


There are no agreements with respect to the securities of Sierra Madre entered into by Riverside or any joint actors, other than the Option Agreement. The Option Agreement contains terms and conditions typical in mineral property option agreements. The Option Agreement does not contain any provisions with respect to the holding, disposition or voting of any securities of Sierra Madre.


This press release is issued pursuant to Multilateral Instrument 62-104, which also requires a report to be filed with the B.C., Alberta and Ontario Securities Commissions containing additional information with respect to the foregoing matters (the “Report”).


To obtain a copy of the Report or for further information concerning this announcement, please contact Jeff Dare at (778) 327-6671.


ON BEHALF OF RIVERSIDE RESOURCES INC.


Dr. John-Mark Staude, President & CEO



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.

SHARE THIS POST?

Facebook
Twitter
LinkedIn
WhatsApp
Telegram
Email

This new application brings the paper map online.

Up to date information of:

  • Resources.
  • Production.
  • Endowment.
  • Technical Reports.
  • Geology.
  • And More…

Check the Mining State Panoramas

The promotion and dissemination as essential elements to understand and disseminate our Mineral resources, that is why today it is pleased to make the document “Mining Panorama” available to society, by state.

Get to know GeoInfoMex in 3D

GeoInfoMex, is the consultation system of the Mexican Geological Service that allows users to know geoscientific information and make decisions with savings in time and resources, helping to promote mining activity.

 

México Minero is a non-governmental organization that promotes sustainable mining.

The DOF is the organ of the Constitutional Government of the United Mexican States, which has the function of publishing in the national territory, to so that they are properly observed and applied in their respective areas of competence.

Learn about the current situation of the mining industry as well as the activities carried out by Camimex.

Mexico Mining Center © 2019 / All Rights Reserved