Riverstone Resources Inc.
TSX VENTURE : RVS

Riverstone Resources Inc.

March 16, 2009 15:20 ET

Riverstone Arranges $164,000 Bridge Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 16, 2009) -

NOT FOR DISSEMINATION IN THE USA OR THROUGH US NEWSWIRE SERVICES

Riverstone Resources Inc. (the "Company") (TSX VENTURE:RVS) announces that certain directors, officers and others of the Company have agreed to advance an aggregate of $164,000 to the Company to fund short-term working capital requirements. The loan will have a term of one year and will bear interest at 12% per annum. As partial consideration for the loan the Company has agreed, subject to regulatory approval, to issue to the lenders a bonus of 262,400 shares in its capital stock in accordance with the Policy 5.1 of the TSX Venture Exchange. All shares issued or issuable in connection with the loans are subject to a four-month hold period.

Riverstone Resources Inc. is active in gold exploration in Burkina Faso, West Africa, where the Company holds an extensive portfolio of high quality exploration permits covering 3,500 square kilometres. For further information about the Company and its activities, please refer to the Company's website at www.riverstoneresources.com and under the Company's profile at www.sedar.com.

ON BEHALF OF THE BOARD

Michael D. McInnis, P.Eng., President & CEO

Statements in this news release respecting use of the proceeds of the loan are forward-looking and are based on the assumption that the loan will be advanced in full and closed. There is no assurance that the loan will close on the proposed terms or at all, that all necessary approvals will be obtained or that proceeds of the anticipated amount will be raised, in which case the Company may be required to adjust its plans and/or seek financing from alternate sources.

Neither 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.

Contact Information

  • Riverstone Resources Inc.
    Michael D. McInnis
    President
    (604) 801-5020
    Email: info@riverstoneresources.com
    or
    Riverstone Resources Inc.
    Raju Wani
    Investor Relations
    (403) 240-0555
    or
    Riverstone Resources Inc.
    Ron Cooper
    Investor Relations
    (604) 986-0112
    Website: www.riverstoneresources.com