SOURCE: Rockland Minerals Corp.

Rockland Minerals Corp.

April 13, 2016 16:30 ET

Rockland Minerals Announces Change of Directors and Officers and Proposed Debt Settlement

VANCOUVER, BC--(Marketwired - April 13, 2016) - Rockland Minerals Corp. (TSX VENTURE: RL) (the "Company") is pleased to announce that the Board of Directors has appointed two new directors to replace two directors who have resigned. The new directors acquired significant shares of the company from the market prior to their appointment as directors.

The new directors are Ned Goodman and Douglas R. MacQuarrie, and they have been duly accepted by the existing board of Rockland.

The Company also announces that it has agreed to settle obligations in the aggregate amount of $276,000 by way of the issuance of an aggregate of 5,520,000 common shares in the capital of the Company at a deemed price of $0.05 per share (the "Debt Settlement"). The shares will be issued pursuant to settlement agreements of even date herewith entered into by the Company with Ravinder Mlait, the Company's former President and Chief Executive Officer, and Bryan Loree, the Company's Chief Financial Officer, pursuant to which Mr. Mlait and Mr. Loree agreed to terminate their respective employment agreements with the Company in consideration for the issuance of the Settlement Shares. Mr. Loree has agreed to continue to act as Chief Financial Officer in a consulting role.

Because the shares will be issued to directors and officers of the Company, the Debt Settlement will constitute a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101").The board of directors of the Company has determined that neither the value of the shares to be issued nor the aggregate debt to be settled in connection with the Debt Settlement will exceed 25% of the Company's market capitalization on the date hereof. As a result, the Debt Settlement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. Shares issued in connection with the Debt Settlement will be subject to a four-month hold period.

Completion of the Debt Settlement is subject to the final approval of the TSX Venture Exchange.

The Company wishes to thank Mr. Mlait and Mr. Sanders for their services to the Company since its incorporation, and have agreed pursuant to Exchange rules to extend stock options held by them for a period of one year.

On behalf of the Board
"Ned Goodman"
Director
Rockland Minerals Corp.

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.

Cautionary Statement Regarding Forward-Looking Information

This news release includes "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; and additional risks set out in the Company's public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, and no assurance can be given that such events will occur in the disclosed time frames or at all. Forward-looking statements speak only as of the date of this news release, and unless required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

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