Red Pine Exploration Announces Shares for Debt Transaction

World News: . []

TORONTO, Oct. 12, 2017 (GLOBE NEWSWIRE) -- Red Pine Exploration Inc. (TSX-V:RPX) ("Red Pine" or the "Company") has agreed to settle certain of its flow-through obligations (the “Debt”) relating to its obligation to indemnify certain subscribers of its flow-through shares (the “Indemnities”) in respect of tax payable in connection with the reassessment of such subscribers’ tax returns, with the issuance of common shares of the Company (the “”).

Effective October 11, 2017, the Company and certain subscribers entered into debt settlement agreements which provide that the aggregate amount of the Debt owed to such subscribers shall be $16,082.92 and will be settled by the issuance of 146,209 common shares at a deemed price of $0.11 per Common Share.

The issuance of the Common Shares is subject to the receipt of all applicable regulatory approvals, including the TSX Venture Exchange. The Common Shares to be issued pursuant to the Shares for Debt Transaction will be subject to a four-month hold period. The Company may settle other similar debt obligations relating to the Indemnities through the issuance of securities, although there can be no assurances that the Company will be able to reach agreements with any other indemnified parties in this regard.

Red Pine has a 60% interest in the Wawa Gold Project with Citabar LLP. holding the remaining 40% interest. Red Pine is the Operating Manager of the Project and is focused on expanding the existing gold resource on the property.

For more information about the Company visit www.redpineexp.com

Or contact:   Quentin Yarie, President & CEO, (416) 364-7024, qyarie@redpineexp.com

Or Mia Boiridy, Investor Relations, (416) 364-7024,

More news and information about Red Pine Exploration Inc.

Published By:

Globe Newswire: 01:57 GMT Friday 13th October 2017

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