Red Pine Exploration Seeks Funds to Update Wawa Gold Property 43-101 Resource Assessment
NEWS RELEASE
February 9, 2017
Red Pine Exploration Seeks Funds to Update Wawa Gold Property 43-101 Resource
Assessment
Toronto, Ontario – February 9, 2017 - Red Pine Exploration Inc. (TSX-V: RPX) (“Red
Pine” or “the Company”) is pleased to announce that it has entered into an agreement
with Eventus Capital Corp. (the "Agent") under which the Agent has agreed to act on
behalf of the Company for a combined private placement (collectively, the "Offering")
of up to 16,670,000 units of the Company (the “Units”) at a price of C$0.12 per Unit and a
further 20,690,000 common shares of the Company which will qualify as “flow-through”
shares pursuant to the Income Tax Act (Canada) (the “FT Shares”) at a price of C$0.145
per FT Share.
Each Unit will consist of one common share of the Company and one common share
purchase warrant (a “Warrant”). Each Warrant will be exercisable for one common share
for a period of three years from the closing date at a price of C$0.17. The Unit Offering will
provide proceeds of up to C$2,000,400 and the FT Offering will provide proceeds of up to
C$3,000,050 for aggregate proceeds to up to C$5,000,450.
The Agent will receive a cash commission on the sale of the Units and FT Shares equal to
7% of the aggregate gross proceeds raised, together with that number of broker warrants
equal to 7% of the number of Units and FT Shares placed by the Agent. Each broker
warrant will be exercisable for one common share of the Company for a period of two
years at a price of C$0.13.5 per share.
The proceeds from the financing will be used to further the exploration work on the
Wawa Gold Project. The Company’s exploration objective is to increase the current
inferred resource on the property by completing a revised 43-101 compliant resource.
The company will continue to define the gold mineralization both in the hanging wall and
footwall of Surluga Deposit, by expanding the resource to the North, and by connecting
the Surluga Deposit with the other historical mines to the South on the property.
Qualified Person
Quentin Yarie, PGeo., is the qualified person responsible for preparing, supervising and
approving the scientific and technical content of this news release.
About Red Pine Exploration Inc.
Red Pine Exploration Inc. is a gold and base -metals exploration company headquartered
in Toronto, Ontario, Canada. The Company's common shares trade on the TSX Venture
Exchange under the symbol "RPX".
Red Pine has a 60% interest in the Wawa Gold Project with Citabar LLP holding the
remaining 40% interest. Red Pine is the Operating Manager of the Project and is focused
on expanding the existing gold resource on the property.
For more information about the Company visit www.redpineexp.com
Or contact:
Quentin Yarie, President & CEO, (416) 364-7024, [email protected]
Or Mia Boiridy, Investor Relations, (416) 364-7024, [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 compara ble 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, performance 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 revise any forward -looking information, whether as a res ult of new information, future events or
otherwise, other than as required by law.