Red Pine Files Q1 2022 Financials Including Update on Exercise of December 31 Warrants
Red Pine Files Q1 2022 Financials
Including Update on Exercise of December 31 Warrants
Toronto – December 16, 2021 – Red Pine Exploration Inc. (TSX -V: RPX, OTCQB:
RDEXF) (“Red Pine” or the “Company”) is pleased to report that the Company has filed
its October 31 st, 2021 quarterly condensed interim consolidated financial statements
and related MD&A which can be found on the Company ’s website
(https://www.redpineexp.com/financials).
Included in the filing , in the Subsequent Events note to the financial statements , is
confirmation that 6,159,033 warrants of the remaining 9,933,945 warrants expiring on
December 31 st, 2021, with a strike price of $0.50 have been exercised , generating
additional gross proceeds of $3.1 million.
Included in the exercise of the warrants are 5,299,525 warrants owned by Alamos Gold
Inc. (“Alamos”). With this exercise, Alamos has exercised 100% of their warrants and
currently own s approximately 19.75% of the Company’s outstanding equity as of
December 14, 2021. Alamos press released this exercise on December 13, 2021.
Red Pine plans to use the proceeds from the exercise of the warrants , along with the
November 2021 completed flow-through financing for gross proceeds of $8.4 million, to
continue to fund the exploration program at its Wawa Gold Project.
The Company also announces that its Board of Directors has granted an aggregate
150,000 stock options to Jim O’Neill, the newly appointed Chief Financial Officer and
Corporate Secretary of the Company. Each stock option is exercisable into one common
share of the Company at a pric e of $0. 52 per common share, with vesting over 36
months, and exercisable for a period of five years from the date of grant. The options
are granted pursuant to the Company’s Stock Option Plan and will be subject to
applicable regulatory hold periods.
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]
Or
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 case s, 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 s tatements 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, lev els 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 result of new information, fu ture events or
otherwise, other than as required by law.