TORONTO, ONTARIO--(Marketwired - May 8, 2015) - Red Pine Exploration Inc. (TSX VENTURE:RPX) (the "Company" or "Red Pine") wishes to announce that it has received TSX Venture Exchange (the "TSXVE") approval for the consolidation of the common shares of the Company (the "Consolidation"). As previously announced in a press release dated December 30, 2014, shareholders of the Company approved a special resolution authorizing the Board of Directors to consolidate the common shares of the Company (the "Common Shares"). The Board of Directors has confirmed the Company's intention to proceed with a one (1) new for every five (5) old consolidation (5:1) of its Common Shares (the "Conversion Ratio"). There will be no name change in conjunction with the Consolidation. The Company will continue to trade under the symbol "RPX" on the TSXVE. The new ISIN number for the Consolidated Shares is CA 75686Y4058 and the new CUSIP number is 75686Y405. There are currently 257,607,795 common shares outstanding; after giving effect to the Consolidation there will be approximately 51,521,559 Common Shares outstanding.
Management believes the share consolidation is in the best interest of shareholders, and will improve Red Pine's ability to attract new investors and to raise the additional capital that will be required to advance the Wawa Gold Project.
The shares will begin trading on the TSXVE on a post-consolidated basis effective at the open of trading on May 12, 2015. No fractional shares will be issued in connection with the Consolidation. Red Pine has previously mailed letters of transmittal to its registered shareholders so they may submit their old certificates in order to obtain new common share certificates on a post-Consolidation basis. Registered Shareholders should follow the instructions on the Letter of Transmittal in order to exchange their old pre-Consolidation share certificates for post-Consolidation share certificates. Shares held in uncertificated form by non-registered shareholders through brokerage accounts will be converted at the Conversion Ratio through each shareholder's brokerage accounts. Non-registered shareholders should consult their broker for further information.
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".
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.
Neither the 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.