Red Pine Exploration Inc. Announces Results of Annual Meeting of Shareholders
Red Pine Exploration Inc. Announces Results of Annual
Meeting of Shareholders
Toronto – January 25, 2022 – Red Pine Exploration Inc. (TSX -V: RPX , OTCQB:
RDEXF) (“Red Pine” or the “Company”) is pleased to report that at the annual and
special meeting of shareholders held on January 25, 2022, all resolutions proposed to
shareholders were duly approved.
At the meeting, the shareholders:
• elected Drew Anwyll, Andrew Baumen, Nils Engelstad, Rachel Goldman, Paul
Martin and Quentin Yarie as directors of the Company; and
• reappointed MNP, LLP, Chartered Professional Accountants as the Company’s
auditors until the nex t annual meeting of shareholders , an d to authorize the
directors to set their renumeration.
Effective December 1 4, 2021, t he board of directors of Red Pine amended the
Company’s stock option plan from a “rolling” plan to a “fixed number” plan. This
amendment has had the effect of reducing the number of stock options available to the
Company to use as part of its compensation program. 8,050,149 common shares have
been reserved for granting by the Board, or 7% of the issued and outstanding common
shares as of the date of such amendment. Previously the Company had a “rolling” 10%
stock option plan , which, under the TSX -V policies, required annual approval by
shareholders. A “fixed number” plan that reserves not more than 10% of the outstanding
shares does not require shareholder approval under applicable TSXVE policies.
All existing outstanding stock options will continue to be governed by the Plan. As of the
date of December 15, 2021, there were 3,587,771 stock options outstanding, leaving
an aggregate of 4,462,378 to be granted under the Plan.
Effective January 25, 2022 , t he Board of Directors has granted an aggregate of
1,869,000 stock options to directors, officers, employees and consultants of the
Corporation pursuant to the Stock Option Plan. Each stock option is exercisable to
acquire one common share of the Corporatio n at a price of $0 .47 per share, vest over
36 months and expire on the fifth anniversary of the date of grant. The grant of options
is subject to the approval of the TSX Venture Exchange.
About Red Pine Exploration Inc.
Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto,
Ontario, Canada. The Company's common shares trade on the TSX Venture Exchange
under the symbol "RPX" and on the OTCQB Markets under the symbol “RDEXF”.
The Wawa Gold Project is in the Michipicoten greenstone belt of Ontario, a region that
has seen major investment by several producers in the last five years. Its land package
hosts numerous historic gold mines and is over 6,900 hectares in size. The Company’s
Chairman of the Board is Paul Martin, the former CEO of Detour Gold. The Board has
extensive and diverse experience at such entities as Alamos, Barrick, Generation
Mining, Detour Gold and Paramount Gold Nevada Corp. Led by Quentin Yarie, CEO,
who has over 25 years of experience in mineral exploration, Red Pine is strengthening
its position as a major mineral exploration and development player in the Michipicoten
region.
For more information about the Company, visit www.redpineexp.com or contact:
- Quentin Yarie, President and CEO, (416) 364-7024, [email protected]
- Tara Asfour, Investor Relations Manager, (514) 833-1957, [email protected]
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 statements. In some cases, you can
identify forward-looking statements by terminology such as "may", "should", "expects",
"plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the
negative of these terms or other comparable terminology. These statements are only
predictions and involve known and unknown risks, uncertainties and other factors that
may cause our or our industry's actual results, levels of activity, per formance or
achievements to be materially different from any future results, levels of activity,
performance or achievements expressed or implied by these forward -looking
statements.
Although the Company believes that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable, undue reliance should
not be placed on such information, which only applies as of the date of this news
release. The Company disclaims any intention or obligation to update or re vise any
forward-looking information, whether as a result of new information, future events or
otherwise, other than as required by law.