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Rockland Resources Announces Proposed Share Consolidation
NYSE - LSE
Rockland Resources Announces Proposed Share Consolidation
Rockland Resources Ltd. (the "Company" or "Rockland") (CSE:RKL) announces that the Company intends to proceed with a consolidation of the fully paid and issued common shares of the Company on the basis of one (1) post-consolidation common share for each five (5) pre-consolidation common shares issued and outstanding (the "Consolidation").
The Company currently has 73,897,787 Common Shares issued and outstanding. Accordingly, once the consolidation is effective, the Company will have approximately 14,779,557 shares issued and outstanding, assuming there are no other changes in the issued capital of the Company.
The Company intends to also proceed with consolidating its outstanding options and warrants on a ratio of five (5) to one (1), with the result that each consolidated option and warrant will entitle the holder to acquire one Share at an exercise price of five (5) times its original exercise price.
The Consolidation is being proposed in order to provide the Company with increased flexibility to seek additional financing opportunities and is subject to the approval of the Canadian Securities Exchange (CSE). The Company will not change its name or ticker symbol as part of the Consolidation.
About Rockland Resources Ltd.
Rockland Resources is engaged in the business of mineral exploration and the acquisition of mineral property assets for the benefit of its shareholders.
On Behalf of the Board of Directors
Michael England, CEO & Director
For further information, please contact:
Mike England
Email: [email protected]
Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDARPLUS.CA).
SOURCE: Rockland Resources Ltd.
M.Johnson--SMC
