Toronto, Ontario – December 30, 2014 – Red Pine Exploration Inc. (TSX-V: 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
1 for 3
1 for 4
1 for 5
(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
Quentin Yarie, President & COO, (416) 364-7024, email@example.com
Or Mia Boiridy, Investor Relations, (416) 364-7024, firstname.lastname@example.org
*The Mineral Resource is disclosed in the NI 43-101 compliant technical report titled “Amended Technical Review and Mineral Resource Estimate for the Jubilee-Surluga Property, near Wawa, Ontario, Canada for Augustine Ventures Inc.” dated October 12, 2012 and prepared by Clifford J. Duke, P. Eng., Senior Associate Geological Engineer of Watts, Griffis and McOuat, Consulting Geologists and Engineers. The report is available on www.SEDAR.com under Augustine’s profile.
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