Reva Resources Corp. (TSXV:RVA)
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VANCOUVER, Dec. 16 /CNW/ --
VANCOUVER, Dec. 16 /CNW/ - Riva Gold Corporation (TSX-V: RIV) ("Riva" or "the Company") announces that it has arranged for a
non-brokered private placement (the "Non-brokered Placement") of up to
6,000,000 units of the Company at a price of Cdn$1.75 per unit "Unit")
for total gross proceeds of Cdn$10,500,000. Each Unit consists of one
common share ("Common Share") and one-half of one non-transferrable
common share purchase warrant (each whole warrant, a "Warrant") with
each Warrant exercisable to acquire one Common Share at an exercise
price of Cdn$2.50 for a period of one year from the date of closing.
A 5% cash fee is payable in aggregate to Clarus Securities, Canaccord
Securities and TD Securities.
The net proceeds from the Non-brokered Placement will be used to fund
further exploration and development of the Company's mineral properties
in Guyana and for general corporate purposes. The above is subject to
regulatory approval.
About Riva
Riva is a Canadian mineral exploration company focusing on opportunities
in Guyana. The Company controls a total of 125,799 acres of land in
highly prospective and under-explored areas of Guyana and trades on the
TSX Venture Exchange under the symbol "RIV".
FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release, including all
statements that are not historical facts, contain forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. Such forward-looking statements or
information include, but are not limited to, statements or information
with respect to: the exploration and development of the mineral
properties being acquired by the Company; the Company's future business
and strategies; and expectations regarding the ability of the Company
to close the acquisition.
Often, but not always, forward-looking statements or information can be
identified by the use of words such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate" or
"believes" or variations of such words and phrases or statements that
certain actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved. With respect to forward-looking
statements and information contained herein, we have made numerous
assumptions including among other things, that no significant adverse
changes will occur to our planned exploration expenditures, that there
will be no significant delays of the completion of our planned
exploration programs; as to the continuing availability of capital
resources to fund our exploration programs; and that the Company will
not experience any adverse legislative or regulatory changes. Although
our management believes that the assumptions made and the expectations
represented by such statement or information are reasonable, there can
be no assurance that any forward-looking statement or information
referenced herein will prove to be accurate. Forward-looking statements
and information by their nature are based on assumptions and involve
known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements, or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statement or information. Such risks, uncertainties and
other factors include, among other things: general economic, market and
business conditions; land use rights; adverse industry events; the
ability of the Company to acquire additional mineral properties of
merit; seasonality and weather conditions; and currency fluctuations.
Although we have attempted to identify factors that would cause actual
actions, events or results to differ materially from those disclosed in
the forward-looking statements or information, there may be other
factors that cause actions, events or results not to be as anticipated,
estimated or intended. Also, many of the factors are beyond the control
of the Company. Accordingly, readers should not place undue reliance on
forward-looking statements or information. The Company undertakes no
obligation to reissue or update any forward-looking statements or
information as a result of new information or events after the date
hereof except as may be required by law. All forward-looking statements
and information herein are qualified by this cautionary statement.
Riva Gold Corporation
On behalf of the Board of Directors for Riva:
Richard Warke, Chairman and Chief Executive Officer
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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/December2010/16/c5834.html
pplease visit ua href="http://www.rivagoldcorp.com" font-style="italic"www.rivagoldcorp.com/a/u or contact:br/ Letitia Cornacchia, Vice President, Investor Relations and Corporate Communicationsbr/ Tel: +1 416 644 5084br/ Email: ua href="mailto:lcornacchia@rivagoldcorp.com"lcornacchia@rivagoldcorp.com/a/u/p