Riverside closes $3.7 million private placement financing

Riverside Resources Inc. [RRI-TSXV, RVSDF-OTCQB, 5YY-FSE] said Monday it has raised $3.7 million from a non-brokered private placement offering.

Riverside is a well-funded exploration company driven by value generation and discovery. The company previously said it has over $6 million in cash, no debt and a portfolio of gold-silver and copper assets and royalties in North America.

The offering consisted of 18.4 million hare dollar units priced at 20 cents each for gross proceeds of $3.69 million. Each unit consists of one common share, and one had of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at an exercise price of 30 cents for two years from the date of issuance.

Riverside shares were unchanged at 22 cents on Monday. The shares trade in a 52-week range of 24.5 cents and 12 cents.

The company said it intends to use the net proceeds of the offering for strategic initiatives, working capital and general corporate purposes, and the advancement of its projects.

“This investment was accomplished with strategic investors, many of whom have previously supported Riverside in the past and further strengthens the company’s shareholder base and positions it for continued growth and future transactions,’’ the company said in a press release.

In a press release on November 12, 2025, Riverside announced the completion of the first phase of drilling at the Union Project in Sonora, Mexico. The company said 12 diamond core holes were completed for a total of just over 1,600 metres across six priority targets. The work is being advanced with funding through partner Questcorp Mining Inc. [QQQ-CSE, QQCMF-OTCQB, D910-FSE].

The Union polymetallic project was previously defined as a manto-chimney style deposit that could potentially be linked to a porphyry-skarn system further at depth. Riverside’s initial field work in September, 2021 included selective rock sampling from abandoned mine workings and dumps with results returning up to 59.4 g/t gold and 833 g/t silver. “This historically mined CRD district, validated by new drilling and improved datasets, advances our geologic model and supports the potential for a large-scale discovery,” the company said.

In a press release on October 14, 2024, announced the expansion of its rare earth elements program in British Columbia with work advancing at the Revel Project in southern B.C. and additional target generation across Canada and Mexico. The company said it has identified an extensive carbonatite unit at the Revel Project and is prioritizing systematic work to refine exploration targets.

The Revel Project is located 20 kilometres from Seymour Arm within a highly prospective carbonatite belt north of Revelstoke. The project is 100% owned by Riverside and has no underlying royalties.