Business
Red Pine Exploration Announces Mailing of Information Circular and Proposed Share Consolidation
TORONTO, Feb. 11, 2020 (GLOBE NEWSWIRE) -- Red Pine Exploration Inc. (TSX-V: RPX) (“Red Pine” or the “Corporation”) is pleased to announce that it has mailed th
About this update from Rpx Gold Inc.
[{"type":"text","content":" TORONTO, Feb. 11, 2020 (GLOBE NEWSWIRE) -- Red Pine Exploration Inc. (TSX-V: RPX) (“Red Pine” or the “Corporation”) is pleased to announce that it has mailed the meeting materials in connection with the annual and special meeting of shareholders of the Corporation to be held on March 11, 2020 (the “Meeting”). The Meeting materials are available under the Corporation’s profile on www.SEDAR.com and at http://docs.tsxtrust.com/2156. At the Meeting, among other things, shareholders will be asked to approve a consolidation (the “Consolidation Proposal”) of the Corporation’s outstanding common shares (the “Common Shares”) on the basis of up to one (new) for ten (old) Common Shares (up to 1:10). Approval of the Consolidation Proposal will provide the Board of Directors (the “Board”) with the discretion to determine the actual consolidation basis within this range. Please note that if the Consolidation Proposal is approved, no more than one consolidation will take place – there will be no successive consolidations without the further approval of the shareholders. Furthermore, approval of the Consolidation Proposal does not mean that a Common Share consolidation will occur, as the Board will have the discretion not to proceed with any Common Share consolidation if it is deemed to be in the best interests of the Corporation not to do so. Proposed Consolidation Ratios As of January 31, 2020, the Corporation had 477,222,387 Common Shares issued and outstanding. Following the completion of the proposed Consolidation, the number of Common Shares of the Corporation issued and outstanding will depend on the ratio selected by the Corporation’s Board. The following table sets out the appropriate number of Common Shares that would be outstanding as a result of the Consolidation at the ratios suggested below. Selected Proposed ConsolidationRatios(1) Approximate Number of OutstandingCommon Shares(Post Consolidation)(2) (3) 1 for 2 238,611,194 1 for 3 159,074,129 1 for 5 95,444,477 1 for 7 68,174,627 1 for 10 47,722,239 Notes: 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, which, if the Consolidation Resolution is approved, may be one new Common Share for up to every ten (10) issued and outstanding Common S...