Business
Riverside Resources Operational Update During Current Market Conditions
Vancouver, British Columbia--(Newsfile Corp. - March 19, 2020) - Riverside Resources Inc. (TS...
About this update from Riverside Resources Inc
[{"type":"text","content":"Riverside Resources Operational Update During Current Market ConditionsVancouver, 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 c...