VANCOUVER, BC / ACCESSWIRE / July 4, 2019 / Red Pine Petroleum Ltd. (TSXV: RPN) (the "Company") today confirmed the cancellation of its previously announced change of business - see press releases of June 20, 2016, and December 20, 2017 - whereby previous management intended to pursue the business of developing mobile storefronts for businesses selling goods and/or services through WeChat (the "Proposed COB"). The Proposed COB and all actions ancillary to the Proposed COB were never implemented by the Company, nor contemplated at a shareholder meeting for approval. The Proposed COB was conditional on the approval of a share consolidation at a 10 to 1 ratio, a private placement of up to $2 million through the issuance of 40,000,000 units at $0.05 per unit, and TSX Venture regulatory approval, none of which were completed to date.
Additionally, on December 20, 2017, the Company announced receipt of a subscription from Beijing Qingyanjiuzhou Tourism Management Service Ltd. for 30,187,500 units at $0.05 per unit for gross proceeds of $1,509,375; however, the Company did not receive the corresponding subscription funds and no securities were issued pursuant to said subscription. The Company confirms that it does not intend to proceed with the previously announced private placement.
This announcement is to inform and confirm to the public an update of the termination of the aforementioned actions. A more fulsome corporate plan will be disclosed in due course.
ON BEHALF OF THE BOARD
RED PINE PETROLEUM LTD.
"Michael Lerner"
Michael Lerner
Chief Executive Officer
For further information contact:
Michael Lerner
Chief Executive Officer
(416) 710-4906
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.
SOURCE: Red Pine Petroleum Ltd.
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https://www.accesswire.com/550848/Red-Pine-Provides-Corporate-Update
