Red Oak Announces Termination of Letter of Intent, Management Changes and Intended Notice of Meeting
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Red Oak Announces Termination of Letter of Intent, Management Changes and Intended Notice of Meeting
Vancouver, BC, June 25th, 2019. Red Oak Mining Corp. (TSXV-ROC.H) (“Red Oak” or “the Company”) announces the termination of the Letter of Intent (“LOI”) with CB Holdings Group Corp. dated July 12, 2018 as defined in the news release of July 13, 2018.
The LOI has been terminated due to the inability of Red Oak and privately held CB Holdings Group Corp. to negotiate acceptable terms for the acquisition of CB Holdings Group Corp. by Red Oak before the expiry of the time period allotted for mutual due diligence. The parties have not deemed it beneficial to extend the time period.
As part of a mutual settlement and release agreement, Red Oak has received 500,000 shares of CB Holdings Group and a forthcoming cash payment of CAD$82,000.00 from CB Holdings Group Corp. as partial compensation for expenses incurred by the Company subsequent to signing the LOI. Subsequent to the LOI, Red Oak incurred expenses of approximately $177,960.00.
Further, on December 14th, 2018 the Company accepted the resignation of Mr. Binny Jassel from the position of CFO. On January 8th, 2019 the Company accepted the resignation of Mr. James Ferreira from the Board of Directors. On April 29th, 2019, the Company announced that Mr. Tyler Lowes was appointed to the Board of Directors which now consists of three directors in total; Jay Roberge, Ian Graham and Tyler Lowes. On June 11th, 2019 the Board appointed Ms. Lucy Zhang to assume the role of interim CFO and Corporate Secretary. Ms. Zhang holds the designation of CPA/CGA and brings 20 years of diversified experience as a senior executive in accounting and finance to both public and private companies.
The Company intends to call and file a Notice of Meeting no later than July 30th, 2019.
A TSX Venture Exchange bulletin will be issued in due course with regards to resumption of trading. The Company will continue to pursue alternative opportunities in the resource, technology or cannabis sectors.
On behalf of the Board of Directors,
(signed)“Jay Roberge”
Jay Roberge President, Director +1(604) 681-1568
Disclaimer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" within the meaning of applicable securities laws. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release
This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons, as such term is defined in Regulation S under the Securities Act ("Regulation S"), except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act.