Riverside Resources Announces Spin-Out of Ontario Gold Projects into New Company, Blue Jay Gold Corp, for Existing Shareholders
Riverside Resources (TSXV: RRI) (OTCQB: RVSDF) has announced a spin-out of its Ontario Gold Projects through a new company, Blue Jay Gold Corp. Through this arrangement, Riverside shareholders will receive one new Riverside share and 1/5th of a Blue Jay share for each existing Riverside share held. The spin-out includes the Pichette, Oakes, and Duc projects in Ontario.
The transaction requires 66 2/3% shareholder approval at a meeting scheduled for March 31, 2025, along with court and TSX-V approvals. Blue Jay must also complete a private placement to raise up to $4 million. Riverside will retain a 2% NSR royalty on all Blue Jay's properties. Blue Jay has already completed a seed financing round, raising $527,000 through a private placement at $0.20 per share, with Riverside holding 85.02% of Blue Jay shares.
Dr. Geordie Mark will serve as Blue Jay's CEO, with Robert Scott as CFO and Freeman Smith as VP Exploration. The arrangement is expected to close in the first half of 2025.
Riverside Resources (TSXV: RRI) (OTCQB: RVSDF) ha annunciato uno spin-off dei suoi Progetti Oro in Ontario attraverso una nuova società, Blue Jay Gold Corp. Con questo accordo, gli azionisti di Riverside riceveranno una nuova azione Riverside e 1/5 di un'azione Blue Jay per ciascuna azione Riverside esistente detenuta. Lo spin-off include i progetti Pichette, Oakes e Duc in Ontario.
La transazione richiede l'approvazione del 66 2/3% degli azionisti in un'incontro programmato per il 31 marzo 2025, insieme alle approvazioni da parte del tribunale e del TSX-V. Blue Jay deve anche completare un collocamento privato per raccogliere fino a 4 milioni di dollari. Riverside manterrà una royalty del 2% NSR su tutte le proprietà di Blue Jay. Blue Jay ha già completato un round di finanziamento iniziale, raccogliendo 527.000 dollari attraverso un collocamento privato a 0,20 dollari per azione, con Riverside che detiene l'85,02% delle azioni di Blue Jay.
Il Dr. Geordie Mark sarà il CEO di Blue Jay, con Robert Scott come CFO e Freeman Smith come VP Esplorazione. Si prevede che l'accordo si chiuda nella prima metà del 2025.
Riverside Resources (TSXV: RRI) (OTCQB: RVSDF) ha anunciado una escisión de sus Proyectos de Oro en Ontario a través de una nueva empresa, Blue Jay Gold Corp. A través de este acuerdo, los accionistas de Riverside recibirán una nueva acción de Riverside y 1/5 de una acción de Blue Jay por cada acción existente de Riverside que posean. La escisión incluye los proyectos Pichette, Oakes y Duc en Ontario.
La transacción requiere la aprobación del 66 2/3% de los accionistas en una reunión programada para el 31 de marzo de 2025, junto con las aprobaciones del tribunal y del TSX-V. Blue Jay también deberá completar una colocación privada para recaudar hasta 4 millones de dólares. Riverside retendrá una regalía del 2% NSR sobre todas las propiedades de Blue Jay. Blue Jay ya ha completado una ronda de financiación inicial, recaudando 527,000 dólares a través de una colocación privada a 0.20 dólares por acción, con Riverside teniendo el 85.02% de las acciones de Blue Jay.
El Dr. Geordie Mark será el CEO de Blue Jay, con Robert Scott como CFO y Freeman Smith como VP de Exploración. Se espera que el acuerdo se cierre en la primera mitad de 2025.
리버사이드 리소스 (TSXV: RRI) (OTCQB: RVSDF)는 온타리오의 금 프로젝트를 새로운 회사 블루 제이 골드 Corp를 통해 분사한다고 발표했습니다. 이 합의에 따라 리버사이드 주주들은 보유하고 있는 기존 리버사이드 주식 한 주당 새로운 리버사이드 주식 한 주와 블루 제이 주식 1/5주를 받게 됩니다. 이번 분사에는 온타리오의 피셋, 오크 및 득 프로젝트가 포함됩니다.
이 거래는 2025년 3월 31일로 예정된 회의에서 주주 66 2/3%의 승인을 필요로 하며, 법원과 TSX-V의 승인이 필요합니다. 블루 제이는 최대 400만 달러를 조달하기 위해 개인 배치를 완료해야 합니다. 리버사이드는 블루 제이의 모든 자산에 대해 2% NSR 로열티를 유지합니다. 블루 제이는 이미 초기 자금 조달 라운드를 완료하고 1주당 0.20달러로 52만 7천 달러를 조달하여 리버사이드가 블루 제이 주식의 85.02%를 보유하고 있습니다.
Geordie Mark 박사가 블루 제이의 CEO로 서비스하고, Robert Scott이 CFO, Freeman Smith가 탐사 부사장으로 임명됩니다. 이 거래는 2025년 첫 반기에 마무리될 것으로 예상됩니다.
Riverside Resources (TSXV: RRI) (OTCQB: RVSDF) a annoncé une scission de ses projets aurifères en Ontario par le biais d'une nouvelle société, Blue Jay Gold Corp. Dans le cadre de cet accord, les actionnaires de Riverside recevront une nouvelle action Riverside et 1/5 d'une action Blue Jay pour chaque action Riverside existante en leur possession. La scission comprend les projets Pichette, Oakes et Duc en Ontario.
La transaction nécessite l'approbation de 66 % des actionnaires lors d'une réunion prévue pour le 31 mars 2025, ainsi que des approbations judiciaires et du TSX-V. Blue Jay doit également compléter un placement privé pour lever jusqu'à 4 millions de dollars. Riverside conservera une redevance de 2 % NSR sur toutes les propriétés de Blue Jay. Blue Jay a déjà complété un tour de financement initial, levant 527 000 dollars par le biais d'un placement privé à 0,20 dollar par action, Riverside détenant 85,02 % des actions de Blue Jay.
Dr. Geordie Mark sera le CEO de Blue Jay, avec Robert Scott comme CFO et Freeman Smith comme VP Exploration. L'arrangement devrait se clôturer au cours du premier semestre 2025.
Riverside Resources (TSXV: RRI) (OTCQB: RVSDF) hat eine Abspaltung seiner Goldprojekte in Ontario durch ein neues Unternehmen, Blue Jay Gold Corp, angekündigt. Im Rahmen dieser Regelung erhalten die Aktionäre von Riverside eine neue Riverside-Aktie und 1/5 einer Blue Jay-Aktie für jede bestehende Riverside-Aktie, die sie halten. Die Abspaltung umfasst die Projekte Pichette, Oakes und Duc in Ontario.
Die Transaktion erfordert die Zustimmung von 66 2/3 % der Aktionäre in einer für den 31. März 2025 geplanten Versammlung sowie Genehmigungen des Gerichts und des TSX-V. Blue Jay muss zudem einen Privatplatzierungsprozess abschließen, um bis zu 4 Millionen US-Dollar zu beschaffen. Riverside behält eine Royalty von 2 % NSR auf alle Vermögenswerte von Blue Jay. Blue Jay hat bereits eine Seed-Finanzierungsrunde abgeschlossen und 527.000 US-Dollar durch eine Privatplatzierung zu 0,20 US-Dollar pro Aktie gesammelt, wobei Riverside 85,02 % der Blue Jay-Aktien hält.
Dr. Geordie Mark wird CEO von Blue Jay, Robert Scott ist CFO und Freeman Smith wird VP Exploration sein. Die Regelung soll in der ersten Hälfte des Jahres 2025 abgeschlossen werden.
- Creation of additional shareholder value through independent valuation of Ontario Gold Projects
- Shareholders receive shares in new company while maintaining current Riverside ownership
- Riverside retains 2% NSR royalty on all Blue Jay properties
- Initial seed funding of $527,000 already secured
- Requires significant conditions to close including shareholder approval and $4M financing
- Dilution of management focus across two separate companies
Vancouver, British Columbia--(Newsfile Corp. - January 28, 2025) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company"), is pleased to announce the execution of a definitive arrangement agreement with Riverside's subsidiary, Blue Jay Gold Corp. ("Blue Jay") in respect of the spin-out of its Pichette, Oakes and Duc projects (the "Ontario Gold Projects"), located in Ontario, Canada, to its shareholders by way of a share capital reorganization effected through a statutory plan of arrangement (the "Arrangement") pursuant to the arrangement provisions of the Business Corporations Act (British Columbia) (the "Act"). Under the Arrangement, Riverside will distribute the common shares (each, a "Blue Jay Share") of Blue Jay to Riverside's shareholders. Should the arrangement become effective, Riverside shareholders would own shares in two public companies: Blue Jay, which will focus on the development of the Ontario Gold Projects, and Riverside, which will continue to build its diverse portfolio of projects in Canada, Mexico, and its royalty interests, while also generating new prospective mineral properties, as it has successfully done for the past 17 years.
Under the Arrangement, Riverside's current shareholders will receive Blue Jay Shares by way of a share exchange, pursuant to which each existing common share of Riverside will be exchanged for one new common share of Riverside (each, a "New Riverside Share") and 1/5th of a Blue Jay Share. Holders of Riverside options will be entitled to receive the same number of New Riverside Shares and 1/5th of that number of Blue Jay Shares. On completion of the Arrangement, Riverside shareholders and holders of Riverside options will maintain their interest in Riverside and will obtain a proportionate interest in Blue Jay.
The reorganization will be effected pursuant to s. 289 of the Act, and must be approved by the Supreme Court of British Columbia and by the affirmative vote of 66 2/
Riverside expects that the Arrangement will increase shareholder value by allowing capital markets to ascribe value to the Ontario Gold Projects through Blue Jay Gold independently of the royalties and other properties held by Riverside. The spin-out will provide new and existing shareholders with more flexibility as to their specific investment strategy and risk profile. Riverside also believes that having a separately funded early-exploration business will accelerate development of the Ontario portfolio. Riverside will retain a
"We are thrilled to announce the spin-out of Blue Jay Gold Corp., which represents another exciting milestone in Riverside's strategy to unlock value for our shareholders," stated Riverside Founder and CEO, John-Mark Staude. "Through this share distribution, Riverside shareholders will directly own a stake in Blue Jay Gold and its promising Ontario gold assets, while we retain a
"This spin-out is another example of our commitment to create shareholder value through strategic initiatives. Following the success of our previous spin-out, Capitan Silver, Blue Jay Gold is well-positioned to advance exploration under the leadership of Dr. Geordie Mark. We are enthusiastic about Blue Jay's potential to deliver strong results and further growth opportunities as an independent exploration company, while Riverside continues to focus on building its own pipeline of high-quality assets and partnerships."
"As the founding CEO and Director of Blue Jay Gold, I am thrilled to lead the company in unlocking the potential of our exceptional gold assets," commented Dr. Geordie Mark. "Ontario, with its rich mining history and supportive environment, provides the perfect foundation for discovery and growth. I am confident that Blue Jay will deliver significant value to our shareholders and make a meaningful impact on gold exploration in Canada."
Completion of the Arrangement is subject to a number of conditions, including the following:
(a) Riverside shareholder approval at the Meeting;
(b) the approval of the Supreme Court of British Columbia;
(c) TSX-V approval for the Arrangement by Riverside;
(d) TSX-V approval for the listing of the Blue Jay Shares upon completion of the Arrangement; and
(e) completion by Blue Jay of a private placement to raise gross proceeds of up to
Upon completion of the Arrangement, it is intended that the senior management of Blue Jay will consist of Geordie Mark, as the Chief Executive Officer, Robert Scott, as the Chief Financial Officer, and Freeman Smith, as the Vice-President, Exploration. Blue Jay's board of directors will consist of Geordie Mark, John-Mark Staude (Chairman) and one or more additional directors. Changes and additions to the management team and board will be made as needed as the Ontario Gold Projects progress.
Additional details of the spin-out transaction will be included in an information circular to be mailed to shareholders of Riverside in February 2025 in connection with the Meeting. The Arrangement is expected to close in the first half of 2025.
Click this link to view John-Mark's bold plans for Riverside Resources in 2025:
https://www.youtube.com/watch?v=RzYhzXaDt8E
Blue Jay Completes Seed Round of Financing
Effective December 18, 2024, Blue Jay completed a private placement of 2,735,000 Blue Jay Shares at an issue price of
Certain directors and officers of Riverside participated in the private placement, subscribing for 300,000 Blue Jay Shares in the aggregate; each such subscription for the Blue Jay Shares being 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 requirements of MI 61-101 pursuant to section 5.5(a) and the minority shareholder approval requirements of MI 61-101 pursuant to section 5.7(1)(a) in respect of such insider participation as the fair market value of the transaction, insofar as it involves interested parties, does not exceed
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over
Riverside welcomes inquiries, signing up at the Riverside website for more information and contacting the Company at the information below.
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/238650
FAQ
What is the exchange ratio for Riverside Resources (RVSDF) shares in the Blue Jay Gold spin-out?
When is the shareholder vote for RVSDF's Blue Jay Gold spin-out?
What royalty will Riverside Resources retain on Blue Jay Gold's properties?
How much initial funding has Blue Jay Gold secured through its seed round?
What assets are included in the RVSDF spin-out to Blue Jay Gold?
