This News Release is Intended for Distribution in Canada Only a Nd is Not
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
Red Oak Mining Corp. announces Share Consolidation and Private Placement
September 23, 2019 TSXV Trading Symbol: ROC.H
Red Oak Mining Corp. (the “Company”) announces that the Company's Board of Directors has determined to consolidate the Company’s issued share capital on a ratio of one (1) new post-consolidated common share for every five (5) old pre-consolidated common shares (the “Consolidation”). The Company currently has 20,417,578 issued and outstanding common shares and on completion of the Consolidation there is expected to be approximately 4,083,516 issued and outstanding common shares.
The Board of Directors determined the Consolidation is necessary in order for the Company to raise additional capital and seek new business opportunities. The Company is also pleased to announce that it has negotiated a non-brokered private placement (the "Private Placement") for total gross proceeds of up to $500,000. The Private Placement will consist of up to 10,000,000 post-Consolidation common shares at a price of $0.05 per share. Proceeds of the Private Placement will be used to pay outstanding debt and for general working capital.
The Consolidation and Private Placement are subject to the acceptance of the TSX Venture Exchange.
On behalf of the Board of Directors.
RED OAK MINING CORP.
“Jay Roberge”
Jay Roberge CEO, and Director
Neither the 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.
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking statements or information. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of the Company and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the Consolidation and Private Placement. There can be no assurance that the Company will complete the Private Placement or Consolidation on the timeline anticipated or at all. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.