Red Pine Exploration Closes Over-Subscribed Brokered Private
Placement and Commences Drilling
TORONTO, ONTARIO--(Marketwired - Dec 19, 2013) - Red Pine
Exploration Inc. (the "Red Pine" or the "Company")
(TSX-VENTURE:RPX) is pleased to announce it has commenced drilling
on its Cayenne-Chili property, southwest of Timmins, Ontario.
Drilling will continue until the Christmas break period and then
resume again in early January 2014. Further updates will be
provided once initial assay results are received and analyzed which
are expected in late January or early February 2014.
Financing Closed Raising Gross proceeds of $1,600,000
Red Pine is also pleased to announce that it has closed its
previously announced brokered private placement of securities of
the Company. IBK Capital Corp. ("IBK") acted as agent for the
Offering. As announced in the press release dated December 2, 2013,
the Company had initially sought to raise up to $1,000,000 ("FT
Offering") and up to $300,000 ("Non-FT Offering") on a flow-through
and non-flow through basis, respectively. The Offering was
oversubscribed, raising gross proceeds of $1,267,500 through the FT
Offering and $332,500 through the Non-FT Offering, resulting in
total gross proceeds of $1,600,000.
Pursuant to the Offering, the Company issued 25,350,000
Flow-through Units ("FT Units") as part of the FT Offering. Each FT
Unit, priced at $0.05 per FT Unit, entitles the holder to acquire
one common share on a "flow-through" basis, within the meaning of
the Income Tax Act (Canada), and one non-flow through
common share purchase warrant (each, a "Warrant"). Each Warrant
carries an exercise price of $0.05 per share and an expiry date of
4 years from the date of issue.
In addition, Red Pine issued 6,650,000 Units ("Units") as part
of the Non-FT Offering. Each Unit, priced at $0.05 per Unit,
entitles the holder to acquire one common share and one
Warrant.
A total of 32,000,000 common shares and 32,000,000 Warrants were
issued in connection with the FT Offering and Non-FT Offering.
Red Pine paid fees in the form of cash compensation of $144,000
and issued 3,200,000 non-transferable compensation options, with
each such option entitling the holder to acquire one Unit at a
price of $0.05 per Unit for a period of 4 years following
closing.
All securities issued pursuant to the Offering are subject to a
restricted period of four months and one day from the date of
issuance. The Offering is subject to receipt of final approval from
the TSX Venture Exchange.
The Company granted a total of 6,290,000 stock options to
directors, officers and consultants of the Company on December 18,
2013 under the terms of the incentive stock option plan of the
Company filed with the TSX Venture Exchange and approved by
shareholders at the last Annual General Meeting of Shareholders of
the Company held on January 29, 2013. All options are exercisable
at a price of $0.10 per share for a period of five years and are
subject to a four-month and one day hold period from the date of
issuance.
Subject to the approval of the TSX Venture Exchange, Red Pine
intends to issue 3,500,000 common shares to directors, officers and
consultants for services rendered to Red Pine in lieu of cash
consideration, of which 2,250,000 common shares will be issued to
insiders. Approval for share issuance to insiders was obtained from
shareholders at the Annual General Meeting of the Company's
shareholders held on January 29, 2013. All securities will have a
four-month and one day hold period from date of issuance.
About Red Pine Exploration Inc.
Red Pine Exploration is a gold and base-metals exploration
company headquartered in Toronto, Ontario, Canada. The
Cayenne-Chili Property consists of 23 contiguous mining claims
totalling 46 square kilometers. The claims sit in a region
interpreted as the western extensions of both the Larder-Cadillac
and the Porcupine-Destor deformation zones to the north, in
Northern Ontario.
About the Cayenne-Chili Property
- Located 110 kilometres southwest of Timmins, Ontario.
- The Cayenne-Chili Property hosts a remobilized VMS System
Associated with an adjacent banded iron formation.
- Multiple lenses of mineralization observed in the VenCan zinc
showing indicate a stacked sequence of mineralized horizons.
- Remobilized Mineralization dips steeply to the North- not to
the South as previously interpreted Identified new showings with
full utilization of Geophysical and Geochemical Data.
- Known High Grade Mineralization - assayed values of up to 24.7%
Zn, 15.6% Pb and 1.1% Cu from grab samples along the corridor
(2013).
Qualified Person
Quentin Yarie, P.Geo., is the qualified person in regard to the
technical data contained within this news release and will be
responsible for overseeing all aspects of the Company's exploration
programs.
Red Pine's common shares trade on the TSX Venture Exchange under
the symbol "RPX".
This news release may contain forward-looking statements,
which reflect Red Pine's current expectations regarding future
events. The forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate",
"plan", "estimate", "expect", "intend" and statements that an event
or result "may", "will", "should", "could" or "might" occur or be
achieved and other similar expressions. These forward-looking
statements involve risk and uncertainties, any of which could cause
results, performance, or achievements to differ materially from the
results discussed or implied in the forward-looking statements.
Many risks are inherent in the industry in which Red Pine
participates; others are more specific to Red Pine. Red Pine's
ongoing quarterly filings should be consulted for additional
information on risks and uncertainties relating to these
forward-looking statements. Investors should not place undue
reliance on any forward-looking statements. Management assumes no
obligation to update or alter any forward-looking statements
whether as a result of new information, further events or otherwise
except in compliance with applicable laws.
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.
Red Pine Exploration Inc.Quentin YariePresident & COO(416)
364-7024(416) 364-2753qyarie@redpineexp.comwww.redpineexp.com
Grafico Azioni Red Pine Exploration (TSXV:RPX)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Red Pine Exploration (TSXV:RPX)
Storico
Da Gen 2024 a Gen 2025
