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Spin-Out of Capitan Mining Approved at Riverside Resources' AGM
Vancouver, British Columbia--(Newsfile Corp. - April 1, 2020) - Riverside Resources Inc. ...
About this update from Riverside Resources Inc
[{"type":"text","content":"Spin-Out of Capitan Mining Approved at Riverside Resources' AGMVancouver, British Columbia--(Newsfile Corp. - April 1, 2020) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: R99) (\"Riverside\" or the \"Company\"), is pleased to announce that, further to its press release dated February 25, 2020, it has received requisite shareholder approval for the spin-out of the Peñoles Project to its shareholders by way of a share capital reorganization effected through a statutory plan of arrangement (the \"Arrangement\") at the Company's AGM. Riverside shareholders will receive one new common share of Riverside and 0.2767 of a Capitan share (see press release, February 25, 2020).The Peñoles Gold-Silver Project contains a 2,290 hectare land package with multiple targets located in Durango, Mexico and has an established 43-101 inferred mineral resource estimate (Technical Report filed on SEDAR):300,000 oz Au and 15,000,000 oz Ag at the Jesus Maria and El Capitan TargetsAll reported resources are within 125 metres from surface Open in multiple directions Approximately 86 diamond drill holes and over 11,000 metres of drillingDrill highlights include:JM DDH 14-10: 4.25 m at 732.24 g/t Ag & 1.2 g/t AuJM DDH 14-24: 7.15 m at 988.43 g/t Ag & 1.24 g/t Au The approval for the spin-out was obtained at the annual and special meeting of Riverside's shareholders held on March 31, 2020 (the \"Meeting\"), where shareholders voted 97% in favour of the Arrangement. In addition, all other matters that were put before shareholders at the Meeting were approved. In particular, Riverside is pleased to announce the re-election of John-Mark Staude, Brian Groves, James Clare, Carol Ellis, and Walter Henry to its board of directors, the reappointment of Davidson & Company LLP as Riverside's auditor for the ensuing year, the re-approval of Riverside's stock option plan, and the approval of a rolling 10% stock option plan for Riverside's wholly-owned subsidiary Capitan Mining Inc. (\"Capitan\"). Riverside's President and CEO, John-Mark Staude, stated: \"As CEO of Riverside it is great to see Capitan Mining with our leader Alberto Orozco move forward from Riverside and unlock value for shareholders We appreciate the efforts of the team in the current times of COVID as we continue to create shareholder value.\"As previously an...