Red Pine Exploration

Published : June 05th, 2016

Red Pine Exploration Closes Private Placement Financing

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Red Pine Exploration Closes Private Placement Financing

Red Pine Exploration Inc. (TSX VENTURE:RPX) ('Red Pine' or the 'Company') is pleased to announce that it has closed the brokered private placement financing (the 'Financing') announced on May 26, 2016 pursuant to which it has received total gross proceeds of $2,158,008. The Financing was over-subscribed and was co-led by Red Cloud Klondike Strike Inc. and Eventus Capital Corp.

Quentin Yarie, President and CEO stated: 'We are very pleased to close this financing and we appreciate the strong support our existing and new shareholders have placed in Red Pine. Being able to raise over $2 million in the present market speaks to the confidence investors are placing on our team and we plan to use these funds to aggressively develop the Wawa Gold Project'.

Pursuant to the Financing, the Company issued 12,200,000 flow-through shares ('FT Shares') priced at $0.09 per FT Share and 13,187,600 non-flow-through units ('Non-FT Units') priced at $0.08 per Non-FT Unit.

The FT Shares were issued on a 'flow-through' basis within the meaning of the Income Tax Act (Canada). Each Non-FT Unit consists of one non flow-through common share of the Company and one half of one common share purchase warrant (each whole warrant, a 'Non-FT Warrant') with each Non-FT Warrant being exercisable at a price of $0.10 for a period of 36 months following the closing date of the Offering.

The net proceeds from the FT Shares will be used for 'Canadian exploration expenditures' (within the meaning of the Income Tax Act(Canada)) in connection with the mineral exploration programs of Red Pine. Flow through funds will be used to define additional gold mineralization in both the hanging wall and footwall secondary structures of the Surluga Deposit.

The net proceeds from the sale of the Non-FT Units will be used for working purposes and to finalize the previously announced business combination between the Company and Augustine Ventures Inc., which will, when completed, result in the combined entity holding a 60% interest in the Wawa Gold Project.

In connection with the Financing, Red Pine paid fees in the form of cash compensation of $150,710.56 and issued 1,777,132 non-transferable compensation warrants, with each compensation warrant being exercisable to acquire one common share of the Company at a price of $0.08 for a period of 24 months following the closing date of the Offering.

All securities issued pursuant to the Offering are subject to a restricted period of four months and one day from the date of issuance. The Offering is subject to receipt of final approval from the TSX Venture Exchange.

Qualified Person

Quentin Yarie, PGeo., is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release.

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 30% interest in the Wawa Gold Project and is part of a Joint Venture Agreement (JVA) with Citabar LLP and Augustine Ventures Inc. Under the terms of the JVA, Red Pine is the Operating Manager and continues to explore and advance the current gold resource on the property.

On December 17, 2015, Red Pine and Augustine Ventures announced the signing of a Letter of Intent to combine their respective businesses.

For more information about the Company visit www.redpineexp.com

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.

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.

Read the rest of the article at www.publicnow.com

Red Pine Exploration

EXPLORATION STAGE
CODE : RPX.V
ISIN : CA75686Y1088
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Red Pine is a gold and nickel exploration company based in Canada.

Its main exploration properties are ABITIBI WEST, MOFFATT, MT LOGANO and SARACOURT in Canada.

Red Pine is listed in Canada. Its market capitalisation is CA$ 141.4 millions as of today (US$ 110.1 millions, € 97.4 millions).

Its stock quote reached its lowest recent point on December 26, 2008 at CA$ 0.01, and its highest recent level on March 26, 2021 at CA$ 0.85.

Red Pine has 261 799 984 shares outstanding.

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Nominations of Red Pine Exploration
10/4/2013Appoints New Directors
9/13/2013Announces Resignation of Chairman and CEO
Project news of Red Pine Exploration
3/29/2012Receives Till Sample Results from Ava-Claire Property - Iden...
2/10/2012Provides Exploration Outline and Announces Results of Annual...
5/19/2011(Saracourt)Commences Exploration Program on SaraCourt Property West of ...
4/21/2011(Saracourt)to Commence Exploration Program on Saracourt Property
Corporate news of Red Pine Exploration
6/24/2016Red Pine Exploration Expands Sampling of Gold Zones in the H...
6/5/2016Red Pine Exploration Closes Private Placement Financing
5/26/2016Red Pine Exploration Announces Brokered Private Placement to...
4/5/2016Red Pine Appoints Red Cloud Klondike Strike as Strategic Adv...
2/1/2016Red Pine Announces Results of Annual Meeting
1/22/2016Impact of New Gold Discoveries on Wawa Gold Project And Upda...
1/21/2016Red Pine Exploration Inc.: Impact of New Gold Discoveries on...
1/19/2016Red Pine Exploration to Exhibit at the 2016 Vancouver Resour...
12/18/2015IIROC Trading Resumption - RPX
12/18/2015RED PINE EXPLORATION DISCOVERS NEW GOLD ZONES, DRILLS 14.28 ...
12/17/2015IIROC Trading Halt - RPX
10/1/2015Red Pine Results Support the Extension of High-Grade Gold Zo...
9/17/2015Red Pine Identifies High-Grade Gold-Bearing Quartz Veins in ...
8/28/2015Red Pine Exploration Earns 30% Interest in Wawa Gold Project
8/27/2015Red Pine Exploration Earns 30% Interest in Wawa Gold Project
8/25/2015Red Pine Exploration Closes Third Tranche of Financing
8/21/2015Red Pine Exploration Closes Third Tranche of Financing
8/14/2015Red Pine Exploration Closes Second Tranche of Financing
8/13/2015Red Pine Exploration Closes Second Tranche of Financing
7/30/2015Red Pine Exploration Announces Appointment of New Chief Exec...
7/29/2015Red Pine Exploration Announces Appointment of New Chief Exec...
4/10/2015Intersects High Grade Footwall Mineralization, Wawa Gold Pro...
2/24/2015Red Pine Exploration to Exhibit at the 2015 PDAC Internation...
2/13/2015Red Pine Drills 48.66 Metres of 4.41 g/t Gold including 16.6...
2/12/2015Red Pine Drills 48.66 Metres of 4.41 g/t Gold Including 16.6...
2/10/2015Red Pine Reports on Wawa Gold Project Assay Results and Comm...
1/30/2015Red Pine Announces Results of Annual Meeting
1/27/2015Red Pine Drills 30.78 Metres of 3.06 g/t Gold, Including 7.7...
1/9/2015Red Pine Exploration to Exhibit at the 2015 Vancouver Resour...
1/6/2015Red Pine Exploration Provides Update on Wawa Gold Project
12/30/2014Red Pine Exploration Announces Proposed Share Consolidation
12/18/2014Red Pine Exploration Confirms Gold Mineralization Extends Be...
12/17/2014Red Pine Exploration Confirms Gold Mineralization Extends Be...
12/16/2014Red Pine Exploration Announces Staking of Additional Claims ...
12/15/2014Red Pine Exploration Outlines Exploration Program for Wawa G...
12/11/2014Red Pine Exploration Executes Assumption Agreement for the S...
12/11/2014IIROC Trading Resumption - RPX
12/11/2014IIROC Trading Halt - RPX
10/23/2014Red Pine Exploration Announces Acquisition of Québec Silica ...
10/23/2014Red Pine Exploration Announces Acquisition of Quebec Silica ...
7/31/2014Red Pine Exploration Completes Third Round of Drilling at Ca...
5/8/2014Red Pine Exploration to Commence Mechanized Trenching on its...
5/1/2014IIROC Trading Resumption - RPX
2/26/2014to Exhibit at the 2014 Prospectors and Developers Associatio...
7/12/2013Completes Initial Review of Cayenne-Chili Property
11/13/2012Provides Company Update
11/7/2012Announces Sale of Ava-Claire Property
3/1/2012to Exhibit at the 2012 PDAC International Trade Show & Inves...
9/1/2011Drill Results and Exploration Update
4/29/2011Adds Two Highly Prospective Properties & Provides Exploratio...
3/4/2011s Previous News Release
2/22/2011Announces Completion of Private Placement
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