Gold Ridge Exploration Corp.
TSX VENTURE : GEA

July 11, 2013 18:11 ET

Gold Ridge Closes Asset Purchase Transaction

CALGARY, ALBERTA--(Marketwired - July 11, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Mr. Heighington, a Director of Gold Ridge Exploration Corp. (TSX VENTURE:GEA) (the "Corporation") is pleased to announce the closing of its previously announced acquisition from Richfield Oils Inc., of certain oil and gas properties located in the Chigwell area of central Alberta (the "Richfield Assets") on July 10, 2013 (the "Transaction"). The Corporation obtained the requisite shareholder approval by written consent from the majority of its shareholders. In exchange for the Richfield Assets, the Corporation issued 4,000,000 common shares at a deemed price of $0.05 for a total deemed purchase price of $200,000 Cdn.

In connection with the closing of the Transaction and pursuant to a Finder's Fee Agreement between the Corporation and Wolverton Securities Ltd. dated March 12, 2013, Wolverton Securities Ltd. acted as a Finder in connection with the Transaction and was issued 400,000 common shares of the Corporation at a deemed issue price of $0.05 per common share.

After giving effect to the Transaction, the Corporation will have 13,157,000 common shares outstanding.

Management

In connection with the Transaction, the Corporation's current board and management have resigned effective as of July 11, 2013, with the exception of David D. Heighington. Rudolf Cech has been appointed as President, Chief Executive Officer and a director, Richard Boswell has been appointed Vice President, Corporate Secretary and a director, Alan Chan has been appointed as Chief Financial Officer and a director, Edwin S. L. Tam has been appointed as a director and David D. Heighington will continue serving as a director of the Corporation.

READER ADVISORY

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.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Gold Ridge Exploration Corp.
    Mr. David Heighington
    Director
    (403) 237-0018