Business
Red Pine Exploration Inc. Completes the Consolidation of 100% of the Wawa Gold Project
TORONTO, March 30, 2021 (GLOBE NEWSWIRE) -- Red Pine Exploration Inc. (TSX-V: RPX) ("Red Pine" or the "Company") is pleased to announce that it has completed it
About this update from Rpx Gold Inc.
[{"type":"text","content":" TORONTO, March 30, 2021 (GLOBE NEWSWIRE) -- Red Pine Exploration Inc. (TSX-V: RPX) (\"Red Pine\" or the \"Company\") is pleased to announce that it has completed its previously announced consolidation of the Wawa Gold Project through a definitive securities purchase agreement with the holders (the “Vendors”) of the partnership interests in Citabar Limited Partnership (“Citabar”). As a result, Red Pine now holds a 100% ownership interest in the Wawa Gold Project located near Wawa, Ontario (the “Transaction”). Please see the news releases of the Company dated February 23, 2021 and March 23, 2021 for further information. All amounts in this press release are denominated in Canadian dollars. The Company completed a private placement financing of subscription receipts (the “Offering”), led by Haywood Securities Inc. (“Haywood”), on March 23, 2021, for gross proceeds of $20,026,805. The proceeds were placed in escrow with the Company’s transfer agent and were released upon satisfaction of the escrow release conditions, which included the satisfaction of all conditions precedent to the Transaction. As a result, 37,567,400 subscription receipts of the Company were each automatically exchanged for one common share of the Company, and 5,555,212 tranche 1 flow-through subscription receipts of the Company (the “Tranche 1 FT Subscription Receipts”) and 4,496,403 tranche 2 flow-through subscription receipts of the Company (the “Tranche 2 FT Subscription Receipts” and together with the Tranche 1 FT Subscription Receipts, the “FT Subscription Receipts”) were each automatically exchanged for the right (each, a “Right”) to subscribe for one common share of the Company that qualifies as a “flow through” share within the meaning of the Income Tax Act (Canada) pursuant to subscription and renunciation agreements entered into by the Company and the subscribers of the FT Subscription Receipts following the issuance of the Rights. Following the transactions described above, a total of 47,619,015 common shares have been issued in connection with the Offering. The net proceeds of the Offering are being used to satisfy the purchase price of the Transaction and the terms of the Purchase Agreement. The Company paid aggregate fees of 6% of the gross proceeds, being $1,189,008, and issued compensation warrants equal to 6% of the securities sold in the Offeri...