Red Pine Exploration Inc. (TSXV:RPX) (“Red Pine”) and Augustine Ventures Inc. (CSE:WAW) (“Augustine”) announce that they have entered into a non-binding letter of intent dated the date hereof in respect of a transaction pursuant to which Red Pine will acquire all of the outstanding securities of Augustine (the “Transaction”). It is expected that Augustine will merge with a wholly-owned subsidiary of Red Pine pursuant to the plan of arrangement provisions of the Business Corporations Act (Ontario) (the “Plan of Arrangement”). Red Pine and Augustine each hold a 30% interest in the Wawa Gold Project, a gold project located near Wawa, Ontario. Upon completion of the Transaction, the combined entity (the “Resulting Issuer”) is expected to continue to explore and, if merited, develop the Wawa Gold Project.
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