TORONTO, ONTARIO--(Marketwired - May 2, 2014) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
RED PINE EXPLORATION INC. (TSX VENTURE:RPX) (the "Corporation" or "Red Pine")
It has come to the attention of the Corporation that the amount of insider participation was incorrectly disclosed in the press release announcing the closing of its short form prospectus offering on May 1, 2014 (the "Offering"), pursuant to which Red Pine sold 14,330,000 units (the "Units") of the Corporation at a price of $0.05 per Unit, and 41,519,000 flow-through units (the "FT Units") of the Corporation at a price of $0.055 per Flow-Through Unit for aggregate gross proceeds of $3,000,045.
The May 1, 2014 press release correctly disclosed that participation by insiders (which included employees and consultants) in the Offering represented approximately 5% of the Offering. However, the numbers of securities purchased were incorrectly stated as 8,200,000 Units and 8,200,000 FT Units; the actual number of securities purchased by such insiders pursuant to the Offering was 1,440,000 Units and 1,440,000 FT Units.
About Red Pine
Red Pine Exploration Inc. is a gold and base-metals exploration company headquartered in Toronto, Ontario, Canada. The Cayenne Property consists of 21 contiguous claims and 4 patented claims encompassing approximately 4,096 hectares. Red Pine's common shares trade on the TSX Venture Exchange under the symbol "RPX".
Quentin Yarie, P.Geo, is the qualified person in regard to the technical data contained within this news release and will be responsible for overseeing all aspects of the Company's exploration programs.
For detailed information about the Company, please visit www.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.
Certain statements herein may constitute forward-looking statements, including those identified by the expressions "may", "will", "should", "could", "anticipate", "believe", "plan", "estimate", "potential", "expect", "intent" and similar expressions to the extent they relate to the Corporation or its management. These statements reflect the Corporation's current expectations and are based on information currently available to management. These forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risk Factors" in the Corporation's annual information form dated March 27, 2014 and the matters discussed under "Risk Factors" in the Corporation's amended and restated final short form prospectus dated April 23, 2014. These forward-looking statements are made as of the date hereof, and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable laws.