22:21:43 EST Sat 27 Nov 2021
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Red Pine Exploration Inc (3)
Symbol RPX
Shares Issued 95,919,397
Close 2021-11-17 C$ 0.52
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Red Pine Exploration closes $8.4-million bought deal

2021-11-18 12:48 ET - News Release

Mr. Quentin Yarie reports


Red Pine Exploration Inc. has closed its previously announced bought deal private placement with Haywood Securities Inc., as sole underwriter and bookrunner. The offering consisted of 12,923,700 flow-through shares of the company, including the full exercise of the underwriter's option, at a price of 65 cents per FT share, with such FT shares qualifying as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)), for aggregate gross proceeds of $8,400,405.

The gross proceeds from the offering will be used by the company to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures, as such terms are defined in the Income Tax Act (Canada), related to the company's projects in Ontario. All qualifying expenditures will be renounced in favour of the subscribers of the FT shares, effective Dec. 31, 2021.

In consideration for its services, the company has paid Haywood a cash commission equal to 6 per cent of the gross proceeds from the offering and such number of non-transferable compensation options as is equal to 6 per cent of the aggregate number of FT shares sold under the offering. Each compensation option is exercisable to acquire one common share of the company at a price of 50 cents for a period of 24 months from the closing date of the offering.

The offering was made by way of private placement in Canada. The securities issued under the offering are subject to a hold period in Canada expiring on March 19, 2022. The offering is subject to the final acceptance of the TSX Venture Exchange.

About Red Pine Exploration Inc.

Red Pine Exploration is a gold exploration company headquartered in Toronto, Ont., Canada.

The Wawa gold project is in the Michipicoten greenstone belt of Ontario, a region that has seen major investment by several producers in the past five years. Its land package hosts numerous historical gold mines and is over 6,900 hectares in size. The company's chairman of the board is Paul Martin, the former chief executive officer of Detour Gold. The board has extensive and diverse experience at such entities as Alamos, Barrick, Generation Mining, Detour Gold and Paramount Gold Nevada Corp. Led by Quentin Yarie, chief executive officer, who has over 25 years of experience in mineral exploration, Red Pine is strengthening its position as a major mineral exploration and development player in the Michipicoten region.

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