Rain Resources Inc.
TSX VENTURE : RAN.P

March 31, 2010 18:42 ET

Rain Resources Inc.: Press Release

CALGARY, ALBERTA--(Marketwire - March 31, 2010) - Rain Resources Inc. ("Rain" or the "Corporation") (TSX VENTURE:RAN.P), a capital pool company listed on the TSX Venture Exchange (the "Exchange"), announces that, in accordance with Exchange Policy 2.4 (the "CPC Policy"), the Corporation will not complete the Qualifying Transaction (as such term is defined in the CPC Policy) within the timeframe required by the Exchange. Therefore, it is expected that the Corporation's common shares will be suspended from trading on the Exchange.

Rain has ceased discussions in respect of the potential transaction originally announced on August 26, 2009, which was intended to be the Qualifying Transaction of Rain, without incurring material expenditures. Management of the Corporation will continue to identify and evaluate opportunities for the acquisition of an interest in assets or businesses and believes that Rain will be able to complete a transaction that will be beneficial to Rain shareholders. As such, Rain intends to hold an annual general and special meeting for shareholders to consider and if thought fit, approve among other items, the transfer of the listing of Rain's common shares to the NEX (a separate trading board of the Exchange). A management information circular detailing the Corporation's proposed transfer to the NEX is expected to be mailed to shareholders in the future, together with a formal notice of annual general and special meeting.

Statements in this press release may contain forward-looking information including, statements regarding the completion of a transaction and approval by shareholders of the Corporation's planned transfer of the listing of its common shares to NEX. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Rain. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release, and Rain does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Rain Resources Inc.
    Ryan Spong
    Chief Executive Officer and Director
    (604) 761-7291
    or
    Rain Resources Inc.
    Murray K. Atkins
    Director
    (403) 816-3555