Riverside Resources Inc.

Riverside Resources Inc.

April 23, 2009 16:30 ET

Riverside Resources Raises Over $1.5 Million in Oversubscribed Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 23, 2009) - Riverside Resources Inc. (TSX VENTURE:RRI) ("Riverside" or the "Company") is pleased to announce that today it has closed the non-brokered private placement previously announced on April 1, 2009. A total of 3,771,500 units were issued in the financing at a price of $0.40 per unit for gross proceeds to the Company of $1,508,600 representing an oversubscription of $508,600 from the previously announced amount of $1,000,000. Each unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one common share of Riverside Resources for a period of 24 months from the closing date at a price of $0.65 in the 12 months immediately following the closing date and $0.85 thereafter.

"We are pleased at the significant interest in the financing from both current and new shareholders despite the ongoing uncertainty in the global financial markets. We appreciate the continued support from our shareholders and believe that with the funds we will create more value in the near future. Our team will continue to focus on Riverside's prospect generator business model as it is clear that our shareholders support the steps that we have taken thus far in implementing it," stated John-Mark Staude, President and CEO of Riverside Resources Inc.

The proceeds will be used to fund a drill program on Riverside's Sugarloaf Peak Gold Project in Arizona and to facilitate the acquisition of advanced gold properties in, among other regions, Mexico. This financing is subject to regulatory approval and the securities issued under the Offering will be subject to a four-month hold period. In connection with the private placement, a finders fee was paid of $20,880 cash and 175,080 units at a deemed value of $0.40 per unit.

About Riverside Resources:

Riverside Resources Inc. operates under a joint-venture, shared-risk business model that capitalizes on the Company's technical knowledge and vast experience in the field. The Company acquires quality projects in stable jurisdictions that have unrecognized upside and solid potential for discoveries, and creates value by undertaking the initial exploration and evaluation work that is needed to justify further development. By generating a property portfolio with significant upside Riverside's dedicated team of proven resource discoverers is able to partner with other companies who invest the capital required to advance the projects towards production. Subsequent to the closing of the private placement financing the Company has approximately $4,500,000 in the treasury and 21,805,080 shares outstanding. Additional property information and diagrams that have been compiled by Riverside's in-house exploration team can be found on the Riverside Resources Inc. website at www.rivres.com.


Dr. John-Mark Staude, President & CEO

Certain statements in this press release may be considered forward-looking information, which 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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