Riverside completes internal admin to spin-out Mexican gold, copper portfolio
TSX-V-listed Riverside Resources has completed an internal reorganisation of its subsidiary, formely RRI Holdings and now renamed Ravena Resources Corporation, as part of Riverside's plan to spin out its gold, silver and copper exploration projects in Sonora, Mexico, into a separately listed company on the TSX-V.
Ravena's listing on the exchange is targeted for the first half of 2027.
Ravena has already completed an initial founders' financing endeavour - a private placement of 4.9-million common shares at a price of C$0.20 apiece for aggregate gross proceeds of C$992 563.
Riverside president and CEO John-Mark Staude says the creation of Ravena follows the same disciplined spin-out model that Riverside used to launch quality companies such as Capitan Silver and Blue Jay Gold, and allows its Mexican exploration portfolio to be advanced by a dedicated team and balance sheet.
Riverside retains meaningful long-term exposure through its share position and net smelter return royalties in these companies.
Ravena will be led by an experienced public-company team, anchored by the drill-ready, past-producing Los Cuarentas silver/gold project and Riverside's technical network of more than 30 years in Mexico.
Staude, as chairperson of Ravena, will maintain an active role in the company's next growth steps.
Ravena will use the proceeds from its private placement to advance the Los Cuarentas project, including mapping, sampling and geophysical surveys to update technical disclosure in support of the proposed listing.
Ravena's broader portfolio includes the Cecilia, Ariel, El Valle and Suaqui Grande projects, which are prospective for copper, gold, silver and molybdenum in varying capacities.
Ravena is led by CEO Michael Graham.
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