Rt Minerals Announces Update on Proposed Reorganization
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NEWS RELEASE
RT MINERALS ANNOUNCES UPDATE ON PROPOSED REORGANIZATION
October 25, 2013
Vancouver, BC – RT Minerals Corp. (“RTM” / the “Company”) (TSXV: RTM), further to its news release of August 16, 2013, wishes to announce that it has scheduled December 12, 2013 as the date for its extraordinary general meeting seeking shareholder approval to a 12 for 1 share consolidation.
The Company is also proposing to undertake a post-consolidation private placement of up to 3,000,000 flow-through units (the “FT Units”) and up to a further 13,000,000 non flow-through units (the “NFT Units”). Each FT Unit and NFT Unit will be priced at $0.05 and will be comprised of a share and a warrant exercisable at $0.06 for a term of two years (in the case of the FT Units) and five years (in the case of the NFT Units).
The proceeds from the sale of the FT Units will be used for exploration activity on the Matachewan gold property to be acquired by the Company, as detailed in its August 16, 2013 news release, while the proceeds from the sale of the NFT Units will be used to settle outstanding indebtedness and for general working capital.
Further, as detailed in the August 16, 2013 news release, the Company proposes to settle approximately $15,000 in debt owing to a non-arm’s length creditor by the issuance of approximately 300,000 post-consolidation shares having a deemed price of $0.05 per share.
The transactions detailed herein remain subject to receipt of all requisite shareholder and regulatory approvals, including the acceptance of the TSX Venture Exchange.
FOR FURTHER INFORMATION CONTACT:
Paul Antoniazzi President and Chief Executive Officer Tel: (604) 681-3170 Fax: (604) 681-3552
Website: www.rtmcorp.com __________________
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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