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Red Pine Announces Private Placement and Non-Binding Letter of Intent for a Proposed Reverse Takeover
February 12, 2021 GMT
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / February 12, 2021 / Red Pine Petroleum Ltd. (the “Red Pine” or the “Company”) is pleased to announce the Company has closed a non-brokered private placement of 100,000,000 common shares (each, a “Common Share”) at a price of $0.005 per Common Share for gross proceeds of C$500,000 (the “Offering”).The Company intends to use the net proceeds from the Offering for general working capital purposes. All of the Common Shares issued pursuant to the Offering are subject to a statutory hold period of four months from the date of issuance, in accordance with applicable securities legislation.The TransactionThe Company is also pleased to announce that i