newsfilter
← Latest News
GlobeNewswire·

Riverside Resources Completes First Financing for Ravena Resources Corp. in Advance of Proposed TSX Venture Spinout

RVSDF
  • Riverside Resources Inc. completed an internal reorganization renaming its subsidiary RRI Holdings Limited to Ravena Resources Corp.
  • Ravena finalized an initial founders' financing via a non-brokered private placement of 4,962,815 common shares at C$0.20 per share, generating C$992,563 in gross proceeds.
  • The reorganization & financing serve as initial steps toward spinning out Riverside's Sonora, Mexico exploration portfolio into a separately listed company on the TSX Venture Exchange.
  • Ravena holds five exploration projects in Sonora: Los Cuarentas (flagship), Cecilia, Ariel, El Valle, & Suaqui Grande, previously funded by major miners including BHP, Antofagasta, Centerra, Hochschild, & Fortuna.
  • Proceeds from the founder financing will advance the Los Cuarentas project through mapping, sampling, & geophysical surveys, while also covering general administrative expenses.
  • Ravena targets a TSX-V listing in the first half of 2027, subject to regulatory acceptance, further financings, & market conditions.
  • Ravena is led by CEO Michael Graham with Dr. John-Mark Staude serving as Non-Executive Chairman, leveraging Riverside's 30-year technical network in Mexico.
  • The common shares issued in the founder financing have no warrants attached & are subject to indefinite resale restrictions until Ravena becomes a reporting issuer.
  • The completion of the reorganization, founder financing, & proposed spin-out remain subject to TSX Venture Exchange acceptance.