TORONTO, ONTARIO–Red Pine Exploration Inc. (TSX VENTURE:RPX) (“Red Pine” or the “Company”) announces that it has granted an aggregate of 8,284,000 stock options to former directors, officers and consultants of Augustine Ventures Inc. (“Augustine”), which became a wholly-owned subsidiary of the Company on February 3, 2017.
In accordance with the Plan of Arrangement with Augustine, the Company was required to grant Red Pine stock options for the Augustine stock options that were outstanding upon completion of the transaction, subject to a 0.76 exchange ratio.
These stock options were issued in accordance with the provisions of the Company’s stock option plan and are subject to approval of the TSX Venture Exchange. Each stock option entitles the holder to purchase one common share of the Company at an exercise price of $0.12 for a five-year period.
About Red Pine Exploration Inc.
Red Pine Exploration Inc. is a gold and base-metals exploration company headquartered in Toronto, Ontario, Canada. The Company’s common shares trade on the TSX Venture Exchange under the symbol “RPX”.
Red Pine is focused on expanding the existing gold resource of the Wawa Gold Project, situated near Wawa, Ontario. Red Pine is the Operating Manager of the project and owns a 60% interest with Citabar LLP owning the remaining 40%.
Source: Red Pine Exploration Inc.