Riverside Resources: Spin-Out of Blue Jay Gold Corp. Approved and Moving Forward
Vancouver, British Columbia – April 1, 2025 – Riverside Resources Inc. (RRI) (RVSDF) (5YY) (“Riverside” or the “Company”), a leading mineral exploration company, is thrilled to update investors on the progress of the previously announced spin-out of its subsidiary, Blue Jay Gold Corp. (“Blue Jay”).
At the annual and special meeting of shareholders held on March 31, 2025, the Arrangement under the Business Corporations Act (British Columbia) (“BCBCA”) was approved by over 99% of the votes cast by Riverside’s shareholders. This significant milestone marks the beginning of the spin-out process, which is now expected to be completed in May or June of this year.
Background on the Spin-Out
For those unfamiliar with the background of this transaction, the spin-out of Blue Jay Gold Corp. was announced in a press release on February 28, 2025. The Arrangement, which was approved by the Board of Directors of Riverside and the Board of Directors of Blue Jay, involves the distribution of one Blue Jay common share for every five Riverside common shares held by Riverside Shareholders. This distribution will result in Riverside Shareholders owning approximately 58% of the issued and outstanding shares of Blue Jay.
Impact on Riverside Shareholders
The successful completion of the spin-out will result in Riverside Shareholders owning shares in both Riverside Resources and Blue Jay Gold Corp. This diversification of shareholders’ investment portfolios may provide them with exposure to different opportunities and potential growth in both the precious metals and base metals sectors. Additionally, Blue Jay Gold Corp. is expected to be listed on the TSXV, providing increased liquidity and potential for greater market recognition.
Impact on the World
Beyond the direct impact on Riverside Shareholders, the spin-out of Blue Jay Gold Corp. has the potential to contribute to the broader mining industry and the economy of British Columbia. Blue Jay’s primary focus is on the exploration and development of its gold and silver projects in the Golden Triangle of British Columbia. Success in this endeavor could lead to increased economic activity in the region, including job creation and the generation of new revenue streams.
Conclusion
The approval of the spin-out of Blue Jay Gold Corp. by Riverside’s shareholders represents a significant step forward in the Company’s strategic plan. This transaction is expected to provide Riverside Shareholders with increased diversification, as well as potential growth opportunities in both the precious metals and base metals sectors. Furthermore, the successful exploration and development of Blue Jay’s gold and silver projects could contribute positively to the economy of British Columbia.
Riverside Resources remains committed to its mission of discovering and developing world-class mineral resources in North America. The Company will continue to provide updates on the progress of the spin-out and its ongoing exploration efforts.
- Riverside Resources announces spin-out of Blue Jay Gold Corp.
- Over 99% of votes cast by Riverside Shareholders approve Arrangement.
- Completion of spin-out expected in May or June 2025.
- Riverside Shareholders to own approximately 58% of Blue Jay.
- Blue Jay Gold Corp. expected to be listed on TSXV.
- Positive impact on Riverside Shareholders and the mining industry.
