VANCOUVER, British Columbia, Dec. 20, 2017 (GLOBE NEWSWIRE) -- Red Pine Petroleum Ltd. (TSXV:RPN) (the “Company”) – Further to the Company’s news release dated June 21, 2016, the Company wishes to confirm that it is going forward with its planned proposed change of business (the “Proposed COB”) to refocus its business operations from an “oil and gas issuer” to a “technology issuer”. Upon completion of the Proposed COB, the Company’s business will be to provide technological solutions to prospective business clients to allow them to build mobile storefronts to sell goods and/or services through messaging and social network app, WeChat.
As a part of the Proposed COB, the Company will also consolidate (the “Consolidation”) the issued and outstanding Common Shares of the Company on the basis of 10 pre-Consolidation Common Shares for 1 post-Consolidation common share (“Post-Consolidation Common Share”) and arrange a private placement (the “Private Placement”) of up to $2 million through issuance of up to 40,000,000 units (each an “Unit”) at $0.05 per Unit, with each Unit consisting of one Post-Consolidation Common Share and one share purchase warrant to purchase one additional Post-Consolidation Common Share at $0.06 per share for a period of two (2) years.
The Company has received a subscription from Beijing Qingyanjiuzhou Tourism Management Service Ltd. (the “Beijing Qingyanjiuzhou Tourism”) for 30,187,500 Units at $0.05 per Unit for $1,509,375. Upon completion of the Private Placement, it is anticipated that Beijing Qingyanjiuzhou Tourism will become a control person of the Corporation. The principal of Beijing Qingyanjiuzhou Tourism is Mr. Yong Gao, who owns 90% of Beijing Qingyanjiuzhou Tourism. Mr. Gao wishes to cause Beijing Qingyanjiuzhou Tourism to invest in the Company because he likes and sees the potential in the new ecommerce business solution proposed to be provided by the Company on the WeChat platform.
Upon completion of the Proposed COB, the Company will engage Eric Miao as its President to execute the Company’s new business. Mr. Miao has experience in management, entrepreneurship and software development. Prior to joining the Company, Mr. Miao co-founded and serves as President and CEO of Spark Technology Inc., a computer software company based in Vancouver, British Columbia. Mr. Miao will lead the overall design, development, and execution of the Company’s proprietary content management system (“CMS”) and the Company’s strategic decisions.
The Proposed COB and the Private Placement are still subject to regulatory approval, including the approval of the TSX Venture Exchange (the “Exchange”) and the approval of the Company’s shareholders at a meeting to be called for this purpose.
ON BEHALF OF THE BOARD
RED PINE PETROLEUM LTD.
“Paul Chung“
Paul Chung
Chief Executive Officer
For further information contact:
Paul Chung
Chief Executive Officer
604-724-7476
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.