Business
Riverside Resources' Blue Jay Gold Corp. Completes Non-Brokered Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - May 7, 2025) -   Riverside Resources Inc. &#x...
About this update from Riverside Resources Inc
[{"type":"text","content":"Riverside Resources' Blue Jay Gold Corp. Completes Non-Brokered Private Placement FinancingVancouver, British Columbia--(Newsfile Corp. - May 7, 2025) -  Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (\"Riverside\" or the \"Company\"), is pleased to announce that, it's subsidiary, Blue Jay Gold Corp. (\"Blue Jay\") issued 2,305,000 common shares (the \"Blue Jay Shares\") at an issue price of $0.40 per share for total gross proceeds of $922,000 as part of a previously announced non-brokered private placement of the Blue Jay Shares. Riverside now holds 74.80% of the issued and outstanding Blue Jay Shares.\"We're very pleased with the strong investor interest that led to the upsizing and successful close of the Blue Jay Gold seed round,\" stated John-Mark Staude, CEO of Riverside Resources. \"This outcome reinforces the value we've built in the Ontario portfolio and reflects confidence in Blue Jay's leadership and exploration potential. As Riverside shareholders, we continue to benefit through our retained equity and royalty exposure, while Blue Jay moves forward as a focused, well-capitalized company.\"\"The successful closing of our seed round provides Blue Jay Gold with a solid foundation to advance exploration across our Ontario portfolio,\" said Geordie Mark, CEO of Blue Jay Gold. \"We're grateful for the strong support from our shareholders and look forward to executing a disciplined, data-driven exploration program to unlock the potential of our assets.\"Certain directors and officers of Riverside and Blue Jay participated in the private placement, subscribing for 268,750 Blue Jay Shares in the aggregate; each such director or officer is a \"related party\" and each such subscription is a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements under section 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, in respect of such insider participation, in each case, as the fair market value of the private placement, insofar as it involves related parties does not exceed 25% of the Company's market capitalization. The balance of the Blue Jay Shares held by Riverside will be distributed to ...