Business
Riverside Resources Sets Date to Receive Spinout Shares of Blue Jay Gold Corp
Vancouver, British Columbia--(Newsfile Corp. - May 12, 2025) - Riverside Resources Inc. (TSX...
About this update from Riverside Resources Inc
[{"type":"text","content":"Riverside Resources Sets Date to Receive Spinout Shares of Blue Jay Gold CorpVancouver, British Columbia--(Newsfile Corp. - May 12, 2025) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (\"Riverside\" or the \"Company\"), is excited to announce the date and steps to effect the previously announced spin-out of its subsidiary, Blue Jay Gold Corp. (\"Blue Jay\"), on May 22, 2025. Shareholders of Riverside as of 12:01 a.m. on such date (the \"Effective Time\") will be entitled to receive one (1) new common share of Riverside (the \"New Riverside Shares\") and one (1) common share of Blue Jay (the \"Blue Jay Spinout Shares\") for every five (5) common shares of Riverside (\"Riverside Shares\") held at the Effective Time. To receive Blue Jay Spinout Shares, investors must purchase Riverside Shares no later than the close of trading on May 21, 2025. Shareholders who purchase Riverside Shares on or after May 22, 2025, will not be entitled to participate in the share distribution. Blue Jay is expected to make an application to list its shares on the TSXV. This share reorganization follows a structure similar to Riverside's previous transaction with Capitan Silver. In that prior case, the shares saw positive appreciation, and both Riverside and Capitan advanced their respective business strategies.\"We are excited to move forward with the planned next step in Blue Jay Gold Corp.'s growth, with the spin-out of the Blue Jay shares held by Riverside going 100% to existing shareholders, and we appreciate the continued support of our shareholders as we deliver this value directly to them,\" stated John-Mark Staude, President and CEO of Riverside Resources. \"This corporate action is consistent with our project generator business model, which we have successfully executed for over 18 years. It allows Riverside to maintain upside exposure through asset royalties while enabling Blue Jay to pursue its own focused growth strategy and existing shareholders to receive the benefits from the years of work the Company has put in building this Ontario asset portfolio. We believe this spin-out presents an exciting new opportunity for investors as Blue Jay moves toward becoming a publicly listed exploration company. I remain fully invested, holding shares, and am enthusiastic about the future of both Blue Jay and Riverside.\" \"B...