Riverside Resources’ Subsidiary Blue Jay Gold Completes $922,000 Private Placement

An announcement from Riverside Resources ( (TSE:RRI) ) is now available.

Riverside Resources Inc. announced the successful completion of a non-brokered private placement by its subsidiary, Blue Jay Gold Corp., raising $922,000 through the issuance of 2,305,000 common shares. This financing strengthens Blue Jay’s position to advance its exploration projects in Ontario, reflecting investor confidence in its leadership and exploration potential. The arrangement will see Riverside distribute its Blue Jay shares to its shareholders, following approvals from both Riverside’s shareholders and the Supreme Court of British Columbia.

Spark’s Take on TSE:RRI Stock

According to Spark, TipRanks’ AI Analyst, TSE:RRI is a Neutral.

Riverside Resources faces significant financial challenges with no revenue and negative cash flows, impacting its overall score. Despite these issues, positive technical momentum and strategic corporate actions, such as the Blue Jay Gold spin-out, offer some optimism. Valuation concerns persist with a negative P/E ratio, indicating potential risks.

To see Spark’s full report on TSE:RRI stock, click here.

More about Riverside Resources

Riverside Resources Inc. is a well-funded exploration company focused on value generation and discovery, with a strong portfolio of gold-silver and copper assets and royalties in North America. The company operates primarily in Mexico and Canada, leveraging its extensive database to generate prospective mineral properties. Riverside also engages in joint-venture and spin-out partnerships to diversify risk and advance multiple assets simultaneously.

Average Trading Volume: 55,603

Technical Sentiment Signal: Buy

Current Market Cap: C$13.69M

See more insights into RRI stock on TipRanks’ Stock Analysis page.