09:04:04 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Red Oak Mining Corp
Symbol ROC
Shares Issued 20,361,861
Close 2017-03-17 C$ 0.005
Market Cap C$ 101,809
Recent Sedar Documents

Red Oak arranges 1:10 rollback; $250,000 financing

2017-03-17 16:46 ET - News Release

Mr. Jay Roberge reports

RED OAK MINING CORP. ANNOUNCES SHARE CONSOLIDATION AND PRIVATE PLACEMENT

Red Oak Mining Corp.'s board of directors has determined to consolidate the company's issued share capital on a ratio of one new postconsolidated common share for every 10 old preconsolidated common shares. The company currently has 20,361,861 issued and outstanding common shares, and, on completion of the consolidation, there is expected to be 2,036,186 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 for total gross proceeds of up to $250,000. The private placement will consist of up to five million postconsolidation units at a price of five cents per unit. Each unit will comprise one postconsolidation common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one postconsolidation common share for a period of two years at a price of 10 cents. 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.

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