Mr. Michael England reports
ROCKLAND RESOURCES ANNOUNCES PROPOSED SHARE CONSOLIDATION
Rockland Resources Ltd. intends to proceed with a consolidation of the fully paid and issued common shares of the company on the basis of one postconsolidation common share for each five preconsolidation common shares issued and outstanding.
The company currently has 73,897,787 common shares issued and outstanding. Accordingly, once the consolidation is effective, the company will have approximately 14,779,557 shares issued and outstanding, assuming there are no other changes in the issued capital of the company.
The company intends to also proceed with consolidating its outstanding options and warrants on a ratio of one to five, with the result that each consolidated option and warrant will entitle the holder to acquire one share at an exercise price of five times its original exercise price.
The consolidation is being proposed in order to provide the company with increased flexibility to seek additional financing opportunities and is subject to the approval of the Canadian Securities Exchange. The company will not change its name or ticker symbol as part of the consolidation.
About Rockland Resources Ltd.
Rockland Resources is engaged in the business of mineral exploration and the acquisition of mineral property assets for the benefit of its shareholders.
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