Mr. Jay Roberge reports
RED OAK MINING CORP. ANNOUNCES DEBT SETTLEMENT
Further to Red Oak Mining Corp.'s March 17, 2017, press release disclosing its intention to proceed with a share consolidation on a ratio of one new share for 10 old shares, the company has reached an understanding with certain of its creditors holding an aggregate total $745,000 in company debt to settle such debt in exchange for 14.9 million postconsolidation common shares of the company at a deemed price of five cents per postconsolidation common share.
The shares issued under the debt settlement will be subject to a four-month hold period under Canadian securities laws.
The debt settlement is subject to the acceptance of the TSX Venture Exchange.
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