TORONTO, Jan. 28, 2019 (GLOBE NEWSWIRE) -- Red Pine Exploration Inc. (TSX-V: RPX) (“Red Pine” or the “Company”) is pleased to announce that Mr. Drew Anwyll, M.Eng., P.Eng. has been appointed to Red Pine’s Board of Directors effective immediately.
Mr. Anwyll is a mining engineer with over 25 years of international experience in operations start-up, construction and project management of both open pit and underground mines. Most recently, he was Senior Vice President - Technical Services of Detour Gold Corporation where he led the strategic work associated with long term planning, exploration, technical and operational oversight. Prior to this role, he was the VP Operations and Mine General Manager during the construction and initial start-up of the Detour Lake mine.
Mr. Anwyll spent his career in gold mining with major companies such as Barrick Gold Corporation and Placer Dome Inc., and intermediate/junior companies such as Detour Gold Corporation and Allied Gold Mining Plc (Australia/Pacific region). He has developed a breadth of experience in grassroots and brown-field exploration, mine development, mine operations, risk management and strategic planning. Mr. Anwyll holds a Bachelor’s and a Master’s degree of Engineering from McGill University, and is a licensed professional engineer in Ontario.
Quentin Yarie, Red Pine’s President and CEO commented, "We’re delighted to have Drew join our Board. His years of experience in the development of advanced exploration projects, specifically in late-stage exploration and resource development, will be invaluable as we continue to grow and delineate the resource at our Wawa Gold Project. With the addition of Drew to the Board, we’ve built a team that has demonstrated a record of success in developing operating strategies, leading mine start-ups, and operating mine sites.”
Non-Brokered Private Placement Update
The Company is pleased to report that pursuant to all tranches of its recent non-brokered private placement financing (the “Offering”), Red Pine issued a total of 36,450,000 flow-through shares (“FT shares”) and 37,380,000 non flow-through units (“Units”), for aggregate gross proceeds from the sale of the FT Shares and Units of $3,691,500. The FT Shares are “flow through” common shares within the meaning of the Income Tax Act (Canada) and were priced at $0.05 per share. The Units were priced at $0.05 and consisted of one common share and one-half of one common share purchase warrant, with each whole warrant exercisable to acquire one additional common share for a period of 24 months from the date of issuance, at a price of $0.075 per share.
In connection with the Offering, Red Pine paid a total of $64,400 in finders’ fees and issued a total of 1,288,000 Compensation Options (slightly less than the previously disclosed amounts of $71,750 and 1,435,000, respectively) to finders, with each Compensation Option being exercisable into one common share for a period of 24 months from the date of issuance at a price of $0.05 per share.
About Red Pine Exploration Inc.
Red Pine Exploration Inc. is a gold and base-metals exploration company headquartered in Toronto, Ontario, Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol "RPX".
Red Pine has a 60% interest in the Wawa Gold Project with Citabar LP. holding the remaining 40% interest. Red Pine is the operating manager and is focused on expanding and delineating the gold resource on the property.
For more information about the Company visit www.redpineexp.com
Or contact:
Quentin Yarie, President & CEO, (416) 364-7024, qyarie@redpineexp.com
Or Mia Boiridy, Investor Relations, (416) 364-7024, mboiridy@redpineexp.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.