Rhino Resources Inc.
TSX VENTURE : RHI.P

May 01, 2009 15:10 ET

Rhino Resources Terminates Proposed Qualifying Transaction

HALIFAX, NOVA SCOTIA--(Marketwire - May 1, 2009) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Rhino Resources Inc. (TSX VENTURE:RHI.P)(the "Company" or "Rhino"), a Capital Pool Company ("CPC"), announces that it has terminated the agreement dated effective March 20, 2009 (the "Agreement") for the planned arm's length acquisition (the "Transaction") of GoldenFrank Resources Inc. ("GoldenFrank"). The Transaction was intended to complete Rhino's qualifying transaction under TSX-Venture Exchange Policy 2.4 - Capital Pool Companies.

Rhino is continuing its pursuit of a qualifying transaction pursuant to the CPC Policy. As a capital pool company, the Corporation is not permitted to carry on any business other than the identification and evaluation of assets or businesses for the purpose of completing a qualifying transaction under the CPC Policy.

Trading of the common shares of Rhino is expected to resume, subject to regulatory approval, on Wednesday May 6, 2009.

Signed "Brian MacEachen"

Brian MacEachen, Director

Neither 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

  • Rhino Resources Inc.
    Mr. Brian MacEachen
    Director
    902-422-1421