Riverside Announces Filing of Its Management Information Circular in Connection with Its Special Meeting to Approve Spinout Transaction with Blue Jay Gold
Riverside Resources (RVSDF) has announced the filing of its management information circular for a special meeting to approve a spinout transaction with Blue Jay Gold Corp. The meeting, scheduled for March 31, 2025, will seek shareholder approval for distributing Blue Jay shares through a plan of arrangement.
The transaction will separate Blue Jay's Ontario Properties (Pichette-Clist, Oakes, and Duc Gold Projects) from Riverside's other assets. Following the arrangement, shareholders will hold shares in both companies, with Blue Jay planning to list on the TSX Venture Exchange.
Blue Jay plans to complete two financing rounds: a $800,000 private placement at $0.40 per share and another offering combining $1,000,000 at $0.50 per share with flow-through shares at $0.70. The arrangement requires 66⅔% shareholder approval and is expected to close in Q2 2025.
Riverside Resources (RVSDF) ha annunciato la presentazione del suo circolare informativa per la gestione in vista di un'assemblea straordinaria per approvare una transazione di spinout con Blue Jay Gold Corp. L'assemblea, prevista per il 31 marzo 2025, cercherà l'approvazione degli azionisti per la distribuzione delle azioni di Blue Jay attraverso un piano di disposizione.
La transazione separerà le proprietà dell'Ontario di Blue Jay (Pichette-Clist, Oakes e Duc Gold Projects) dagli altri asset di Riverside. Dopo l'accordo, gli azionisti possiederanno azioni in entrambe le società, con Blue Jay che prevede di quotarsi sul TSX Venture Exchange.
Blue Jay prevede di completare due round di finanziamento: un private placement di $800,000 a $0.40 per azione e un'altra offerta che combina $1,000,000 a $0.50 per azione con azioni flow-through a $0.70. L'accordo richiede l'approvazione del 66⅔% degli azionisti ed è previsto che si chiuda nel secondo trimestre del 2025.
Riverside Resources (RVSDF) ha anunciado la presentación de su circular de información para la gestión con el fin de convocar una reunión extraordinaria para aprobar una transacción de escisión con Blue Jay Gold Corp. La reunión, programada para el 31 de marzo de 2025, buscará la aprobación de los accionistas para distribuir acciones de Blue Jay a través de un plan de arreglo.
La transacción separará las propiedades de Ontario de Blue Jay (Pichette-Clist, Oakes y Duc Gold Projects) de los otros activos de Riverside. Tras el arreglo, los accionistas poseerán acciones en ambas compañías, con Blue Jay planeando cotizar en el TSX Venture Exchange.
Blue Jay planea completar dos rondas de financiamiento: una colocación privada de $800,000 a $0.40 por acción y otra oferta que combina $1,000,000 a $0.50 por acción con acciones flow-through a $0.70. El arreglo requiere la aprobación del 66⅔% de los accionistas y se espera que se cierre en el segundo trimestre de 2025.
리버사이드 리소스(RVSDF)가 블루 제이 골드(Bule Jay Gold Corp)와의 분할 거래 승인을 위한 특별 회의의 관리 정보 서한을 제출했다고 발표했습니다. 2025년 3월 31일로 예정된 이 회의는 블루 제이 주식을 분배하기 위한 주주 승인을 요청할 것입니다.
이번 거래는 블루 제이의 온타리오 자산(피셋-클리스트, 오크스, 득 골드 프로젝트)을 리버사이드의 다른 자산과 분리합니다. 합의가 이루어진 후, 주주들은 두 회사의 주식을 보유하게 되며, 블루 제이는 TSX 벤처 거래소에 상장할 계획입니다.
블루 제이는 두 차례의 자금 조달을 완료할 계획입니다: $800,000의 사모 배정이 주당 $0.40에 이루어지고, $1,000,000을 주당 $0.50에, 흐름 주식은 $0.70에 결합하는 또 다른 제안이 있습니다. 이 합의는 66⅔%의 주주 승인을 요구하며, 2025년 2분기 중에 마감될 것으로 예상됩니다.
Riverside Resources (RVSDF) a annoncé le dépôt de son circulaire d'information pour une réunion extraordinaire visant à approuver une transaction de spin-off avec Blue Jay Gold Corp. La réunion, prévue pour le 31 mars 2025, cherchera l'approbation des actionnaires pour distribuer des actions de Blue Jay via un plan d'arrangement.
La transaction séparera les propriétés ontariennes de Blue Jay (Projets Pichette-Clist, Oakes et Duc Gold) des autres actifs de Riverside. Après l'arrangement, les actionnaires détiendront des actions dans les deux sociétés, Blue Jay prévoyant de s'inscrire à la Bourse de croissance TSX.
Blue Jay prévoit de compléter deux tours de financement : une placement privé de 800 000 $ à 0,40 $ par action et une autre offre combinant 1 000 000 $ à 0,50 $ par action avec des actions flow-through à 0,70 $. L'arrangement nécessite l'approbation de 66⅔ % des actionnaires et devrait se clôturer au deuxième trimestre 2025.
Riverside Resources (RVSDF) hat die Einreichung seines Management-Informationszirkulars für eine außerordentliche Hauptversammlung zur Genehmigung einer Spinout-Transaktion mit Blue Jay Gold Corp. angekündigt. Die Versammlung, die für den 31. März 2025 geplant ist, wird die Genehmigung der Aktionäre zur Verteilung von Blue Jay-Aktien im Rahmen eines Arrangements anstreben.
Die Transaktion wird die Ontario-Immobilien von Blue Jay (Pichette-Clist, Oakes und Duc Gold Projects) von den anderen Vermögenswerten von Riverside trennen. Nach dem Arrangement werden die Aktionäre Aktien beider Unternehmen halten, wobei Blue Jay plant, an der TSX Venture Exchange notiert zu werden.
Blue Jay plant, zwei Finanzierungsrunden abzuschließen: eine $800,000 Privatplatzierung zu $0.40 pro Aktie und ein weiteres Angebot, das $1,000,000 zu $0.50 pro Aktie mit Flow-Through-Aktien zu $0.70 kombiniert. Das Arrangement erfordert die Genehmigung von 66⅔% der Aktionäre und soll im 2. Quartal 2025 abgeschlossen werden.
- Creation of two separate public companies increases shareholder value
- Independent valuation of Ontario properties may unlock additional value
- Accelerated exploration potential for the Ontario gold projects
- New financing of $1.8M strengthens Blue Jay's capital position
- Additional operational costs from running two separate public companies
- Dilution from new share issuance in Blue Jay financing rounds
- Transaction completion subject to multiple regulatory approvals
~Confirms receipt of the Interim Order, files Meeting Materials, and announces another round of Blue Jay financing~
Vancouver, British Columbia--(Newsfile Corp. - February 28, 2025) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company") is pleased to announce that its management information circular (the "Information Circular"), form of proxy and letter of transmittal, (together with the Information Circular, the "Meeting Materials") in respect of its annual and special meeting (the "Meeting") of Riverside shareholders (the "Riverside Shareholders") to approve various matters in connection with the previously announced plan of arrangement (the "Arrangement") on January 28, 2025 involving Blue Jay Gold Corp. ("Blue Jay") are being filed today on Riverside's SEDAR+ profile at www.sedarplus.ca. and provided on Riverside's website at www.rivres.com. Riverside is using the notice and access provisions under applicable securities laws to provide Riverside Shareholders with easy electronic access to the Information Circular and other Meeting Materials.
If the Arrangement is approved at the Meeting, Riverside will distribute its common shares (each, a "Blue Jay Share") in Blue Jay to the Riverside Shareholders by way of a statutory plan of arrangement (the "Plan of Arrangement") under section 288 of the Business Corporations Act (British Columbia) (the "Transaction"). Following the Arrangement, Riverside Shareholders will hold shares in two reporting issuers: Riverside and Blue Jay. Blue Jay is expected to make an application to list the Blue Jay Shares on the TSX Venture Exchange ("TSXV").
Blue Jay currently holds all right and title to the Pichette-Clist Gold Project, the Oakes Gold Project and the Duc Gold Project in Northwestern, Ontario (the "Ontario Properties").
Information about the Meeting and Receipt of Interim Court Order
On February 14, 2025, Riverside obtained an interim order (the "Interim Order") from the British Columbia Supreme Court (the "Court") in connection with the Arrangement, authorizing the calling and holding of the Meeting and other matters related to the conduct of the Meeting. At the Meeting, the Riverside Shareholders will be asked to consider and, if deemed advisable, pass a special resolution (the "Arrangement Resolution") to approve Arrangement, in accordance with the terms of an arrangement agreement (the "Arrangement Agreement") entered into by the Company and Blue Jay on January 27, 2025.
The Meeting is scheduled to be held on March 31, 2025 at 11:00 A.M. (Vancouver time) at Suite 550, 800 West Pender Street, Vancouver, British Columbia. At the Meeting, Riverside Shareholders will be asked to approve the Arrangement Resolution.
The Meeting Materials contain important information regarding the Transaction, how Riverside Shareholders can participate and vote at the Meeting, the background that led to the Transaction and the reasons for the unanimous determinations of the board of directors of the Company (the "Riverside Board") that the Transaction is in the best interests of the Company and is fair to Riverside Shareholders. Shareholders should carefully review all of the Meeting Materials as they contain important information concerning the Transaction and the rights and entitlements of Shareholders thereunder.
Reasons for the Arrangement
Riverside believes that the Arrangement is in the best interests of Riverside for numerous reasons, including:
- At the moment, the capital markets value the Pichette-Clist Gold Project, the Oakes Gold Project, and the Duc Gold Project together with all of Riverside's other properties. By completing the Arrangement, the markets will value the Pichette-Clist Gold Project, the Oakes Gold Project, and the Duc Gold Project separately and independently of Riverside's other properties, which should create additional value for Riverside Shareholders.
- Separating the Pichette-Clist Gold Project, the Oakes Gold Project, and the Duc Gold Project from Riverside's other properties is expected to accelerate the exploration of the Pichette-Clist Gold Project, the Oakes Gold Project, and the Duc Gold Project.
- Riverside Shareholders will benefit by holding shares in two separate public companies.
- Upon completion of the Arrangement, Blue Jay will have a separate board and management which will include members with specialized skills necessary to advance the Pichette-Clist Gold Project, Oakes Gold Project, and Duc Gold Project.
- Separating Riverside and Blue Jay will expand Blue Jay's potential shareholder base by allowing investors that want specific ownership in a portfolio of Canadian exploration assets like the Pichette-Clist Gold Project, the Oakes Gold Project, and the Duc Gold Project to invest directly in Blue Jay rather than through Riverside.
- The Arrangement and separation of the companies will enable each company to pursue independent growth and capital allocation strategies.
- The Pichette-Clist Gold Project, the Oakes Gold Project, and the Duc Gold Project are not required for Riverside's primary business focus which will remain project generation and advancement through joint ventures and similar arrangements.
In the course of its deliberations, the Riverside Board also identified and considered a variety of risks and potentially negative factors, including, but not limited to, the risks factors set out in the Information Circular and the documents incorporated by reference therein.
The foregoing discussion summarizes the material information and factors considered by the Riverside Board in their consideration of the Plan of Arrangement. The Riverside Board collectively reached its unanimous decision with respect to the Plan of Arrangement in light of the factors described above and other factors that each member of the Riverside Board felt were appropriate. In view of the wide variety of factors and the quality and amount of information considered, the Riverside Board did not find it useful or practicable to, and did not make specific assessments of, quantify, rank or otherwise assign relative weights to the specific factors considered in reaching its determination. Individual members of the Riverside Board may have given different weight to different factors.
Recommendation of the Directors
After careful consideration, the Riverside Board, after receiving legal, tax and financial advice, has unanimously determined that the Arrangement is in the best interests of Riverside and is fair to the Shareholders. Accordingly, the Riverside Board unanimously recommends that Shareholders vote FOR the Arrangement Resolution.
In order to become effective, the Arrangement must be approved by at least 66⅔% of the votes cast by the Riverside Shareholders present or represented by proxy at the Meeting. Subject to obtaining approval of the Transaction at the Meeting, and the satisfaction of the other customary conditions to completion of the Transaction contained in the Arrangement Agreement, including final approval of the Court and certain regulatory approvals, all as more particular described in the Meeting Materials, the Transaction is expected to close in the second quarter of 2025.
Filing of New Technical Report
Riverside also announces today that it will file a new technical report under National Instrument 43-101 - Standards of Disclosure for Mineral Projects titled, "Technical Report on the Pichette-Clist Property, Jellicoe Area, Northwestern Ontario" prepared by Locke B. Goldsmith, P. Eng, P.Geo, dated January 29, 2025. The Pichette-Clist Property will be Blue Jay's material property once the Arrangement is effective. Such report will be available on Riverside's SEDAR+ profile at https://www.sedarplus.ca/.
Blue Jay to Complete Another Round of Financing
In anticipation of making an application to list the Blue Jay Shares on the TSXV and in order to satisfy the TSXV listing requirements, Blue Jay expects to complete two further rounds of financing in connection with the Arrangement, being (a) a private placement of 2,000,000 Blue Jay Shares at an issue price of
About Riverside Resources Inc.
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over
ON BEHALF OF RIVERSIDE RESOURCES INC.
"John-Mark Staude"
Dr. John-Mark Staude, President & CEO
For additional information contact:
| John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com | Eric Negraeff Investor Relations Riverside Resources Inc. Phone: (778) 327-6671 TF: (877) RIV-RES1 Web: www.rivres.com |
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., "expect"," estimates", "intends", "anticipates", "believes", "plans"). Such information involves known and unknown risks -- including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242747
FAQ
When is Riverside Resources (RVSDF) holding its special meeting for the Blue Jay Gold spinout?
What assets will Blue Jay Gold receive from Riverside Resources (RVSDF)?
How much financing is Blue Jay Gold planning to raise before the RVSDF spinout?
What percentage of RVSDF shareholder approval is needed for the Blue Jay Gold arrangement?
When is the expected closing date for the RVSDF-Blue Jay Gold spinout transaction?
