Riverside Resources Inc.
TSX VENTURE : RRI
PINK SHEETS : RVSDF
FRANKFURT : R99

Riverside Resources Inc.

March 04, 2011 18:45 ET

Riverside Resources Closes $5.5m Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 4, 2011) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

Riverside Resources Inc. ("Riverside" or the "Company") (TSX VENTURE:RRI)(PINK SHEETS:RVSDF)(FRANKFURT:R99) is pleased to announce today that it has closed the private placement previously announced on February 4 and 17, 2011 (the "Offering"). A total of 5,800,000 units were issued in the financing at a price of $0.95 per unit for gross proceeds to the Company of $5,510,000.

Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share for a period of two years at a price of $1.40 in the first year and $1.60 in the second year. The term of the warrants is subject to an accelerated exercise provision that triggers a shortened exercise period in the event that the Company's shares trade at a volume weighted average trading price of $1.90 or higher for 15 consecutive trading days in the first year or $2.30 or higher for 15 consecutive trading days in the second year.

The Offering was led by Sprott Inc's recently acquired Global Resource Investments Ltd. In connection with the private placement, finder's fees were paid by issuing an aggregate of 275,951 units at a deemed price of $0.95 per unit, having the same terms and conditions as the units under the Offering, and 189,473 compensation warrants. Each compensation warrant entitles the holder to acquire one common share at a price of $1.20 per share, exercisable for a period of 24 months from the date of the closing of the Offering. All units and warrants so issued will be subject to a four month hold period expiring July 5, 2011.

The net proceeds of the financing will be used for property acquisitions, advanced exploration and targeted drilling in Mexico, and for general working capital.

About Riverside Resources:

Riverside is a well-funded prospect generation team of focused, proactive gold discoverers with the breadth of knowledge to dig much deeper. The Company currently has approximately $9,000,000 in the treasury and fewer than 32,100,000 shares issued. Riverside anticipates up to 15,000 meters of drilling on the Company's projects in 2011 by its partners. The Company's model of growth through partnerships and exploration looks to use the prospect generation business approach to own resources, while partners share in de-risking projects on route to discovery. Additional property information on the Company's projects can be found on the Riverside Resources Inc. website at www.rivres.com.

ON BEHALF OF RIVERSIDE RESOURCES INC.

Dr. John-Mark Staude, President & CEO

THIS PRESS RELEASE, PROVIDED PURSUANT TO APPLICABLE CANADIAN REQUIREMENTS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION OR APPLICABLE EXEMPTION FROM REGISTRATION REQUIREMENTS.

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.

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