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Rouge Resources Ltd
Symbol ROU
Shares Issued 47,424,392
Close 2016-05-02 C$ 0.05
Market Cap C$ 2,371,220
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Rouge appoints Leitch as CEO, Coghill as CFO, secretary

2016-05-10 16:18 ET - News Release

Mr. Peter Leitch reports

ROUGE RESOURCES, LTD. ANNOUNCES CHANGE OF BOARD OF DIRECTORS

Peter Leitch, David Whelan and Larry Copeland have been appointed to Rouge Resources Ltd.'s board of directors, and the company has appointed Mr. Leitch as chief executive officer, and Melinda Coghill as chief financial officer and corporate secretary. Jim Burns, Steven Chan, Darcy Krell, David Mark, Ronald McGregor and Linda Smith have resigned from the board, and the board would like to thank them for their services.

The company has also entered into a financial advisory mandate agreement with Fiore Management & Advisory Corp. to provide financial advice and corporate administration.

In connection with the foregoing appointments, an aggregate of 2.5 million incentive stock options have been granted to directors, officers, consultants and charitable organizations at a price of five cents per share, exercisable for a period of 10 years, subject to TSX Venture Exchange approval.

The company also announces that Fiore Financial Corp., a company owned and controlled by Frank Giustra, and the Radcliffe Foundation, a charitable organization controlled by Mr. Giustra, acquired 8.3 million common shares pursuant to a private transaction. The acquisitions represent 18.6 per cent of the issued and outstanding common shares of the company. As a result of the acquisition of securities described above, Mr. Giustra directly and indirectly owns and/or controls, in aggregate, 8.3 million common shares of the issuer, representing 18.6 per cent of the current issued and outstanding common shares of the company.

The company further announces that Brian Paes-Braga and Quiet Cove Capital Corp., a company owned and controlled by Mr. Paes-Braga, acquired 8.3 million common shares pursuant to a private transaction. The acquisitions represent 18.6 per cent of the issued and outstanding common shares of the company. As a result of the acquisition of securities described above, Mr. Paes-Braga directly and indirectly owns and/or controls, in aggregate, 8.3 million common shares of the issuer, representing 18.6 per cent of the current issued and outstanding common shares of the company.

The company has been advised that Mr. Giustra's related entities, and Mr. Paes-Braga and his related entity, acquired these securities for investment purposes and, as disclosed in the early warning report accompanying this news release, may in the future acquire or dispose of securities of the company, through the market, privately or otherwise, as circumstances or market conditions warrant.

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