TORONTO, ONTARIO--(Marketwired - Dec. 30, 2014) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Red Pine Exploration Inc. (TSX VENTURE:RPX) (the "Company" or "Red Pine") announces that its shareholders will be asked to approve a potential share consolidation arrangement (the "Consolidation") of the Company's issued and outstanding common shares within a ratio ranging from a minimum of 1 for 2 to a maximum of 1 for 5. The table below sets out the approximate shares that would be outstanding at each ratio if a share consolidation were to occur today. Red Pine currently has 249,607,795 common shares issued and outstanding.
Proposed
Consolidation
Ratio (1) |
|
Approximate Number of
Outstanding Common Shares
(Post Consolidation) (2) |
| 1 for 2 |
|
124,803,898 |
| 1 for 3 |
|
83,202,598 |
| 1 for 4 |
|
62,401,948 |
| 1 for 5 |
|
49,921,559 |
| (1) |
The ratios above are for information purposes only and are not indicative of the actual ratio that may be adopted by the Board of Directors to effect the Consolidation. |
| (2) |
Based on the number of outstanding Common Shares as at the date hereof, being 249,607,795 Common Shares. |
The Board of Directors is recommending shareholders approve the Consolidation in order to increase the Company's flexibility with respect to potential business transactions, including any possible future equity financings. The Company is not expected to change its name in conjunction with the Consolidation.
Approval of this resolution by Red Pine's shareholders does not mean that a share consolidation will automatically take place, rather that the Company's Board of Directors will have the ability to complete a share consolidation within the next year at their sole discretion if it is deemed to be in the best interests of all shareholders to do so.
The proposed Consolidation is subject to the approval of the shareholders of the Company and the TSX Venture Exchange.
About Red Pine Exploration Inc.
Red Pine Exploration is a gold and base-metals exploration company headquartered in Toronto, Ontario, Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol "RPX".
For more information about the Company visit www.redpineexp.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future events and actual results or developments may differ materially from those in forward-looking statements. Forward-looking statements in this news release include statements with respect to the proposed share consolidation. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.