Riverside Resources Inc. is pleased to announce it has closed its previously announced private placement. The placement was over-subscribed and the Company issued 6,257,367 units at a price of $0.55 per unit for gross proceeds of $3,441,552 instead of the 5,500,000 units $3,025,000 originally contemplated.
Due to a spreadsheet tabulation error, the Company’s news release of November 22, regarding two Convertible Debentures, one in USD and the other in CAD, which closed on December 2nd, 2016, contained some errors.
The net proceeds of the Offering will be used to fund the purchase of a mining concession in San Juan del Río Durango, consisting of 420 hectares covering known projections of the El Castillo mineralization and for general corporate purposes.
SOURCE EXPLORATION CORP. is pleased to announce the appointment of Mr. Brian Robertson, P.Eng., as Chairman, effective immediately. Mr. Robertson currently serves as President & CEO of the company and is also a Director.
“Although Primero faced significant challenges in 2016, we entered 2017 with renewed motivation to address these challenges and deliver meaningful returns to our shareholders,” said Mr. Joseph F. Conway, Interim President and Chief Executive Officer. “We have started by strengthening our management team in late 2016, reducing our corporate G&A and refinancing our revolving credit facility, terming out our debt to better match our asset’s cash flow profile. Our next focus is resetting the San Dimas operation and bringing the mine back to profitability so it can once again deliver on its world-class potential. We have also renewed our commitment to exploration at both of our mines in order to continue growing their reserve and resource base and fully realize on their significant mineral endowments.”
Riverside Resources Inc. is pleased to announce that its previously announced private placement of up to 5,500,000 units at $0.55 per unit has been oversubscribed. The Company has now closed subscriptions at 6,257,367 units for total proceeds of $3,441,552, an oversubscription of 757,367 units and $416,552.
Mark Gordon, Odyssey CEO, “Our onshore team has been hard at work developing plans to begin generating revenue from the Don Diego phosphate deposit as soon as possible after the environmental approval is obtained. Although we have been disappointed by the results of the administrative process for environmental approval at SEMARNAT, it was a necessary step in our multi-pronged strategy to achieve ultimate approval of the project. We have augmented the approval process with a legal mechanism that has strict deadlines and is normally completed within 8 months,” Gordon continued. “We remain confident in the extensive scientific documentation that demonstrates the offshore extraction of phosphate can be accomplished without harming the local environment, fishing and tourist activities, and we continue to believe in the ultimate approval of the project.
Commenting on the Companys performance, Chief Executive Officer, Greg McCunn, said, 2016 was a solid year for the San Francisco mine, which generated sufficient cash flow to fund our work program at Ana Paula and solidify the balance sheet. We are investigating operational improvements to San Francisco which we expect to publish in a new life-of-mine plan in Q2. Mine performance in early 2017 continues to track above the existing life-of-mine plan and we are confident that guidance of 20,000 ounces produced for Q1 2017 and 70,000 to 75,000 ounces for the year will be achieved.
Galore Resources Inc. is very pleased to announce the appointment of Kenneth Coe of Vancouver, B.C. to its board of directors.
Canuc Resources Corporation is pleased to announce the addition of new members to the Company’s Board and Management team.
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