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Rockland Resources Debt Settlement and Stock Option Grant
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Rockland Resources Debt Settlement and Stock Option Grant
Rockland Resources Ltd. (the "Company" or "Rockland") (CSE:RKL), announces it has entered into debt settlement agreements with certain creditors to settle outstanding indebtedness totalling $172,500 through the issuance of 3,450,000 Units at a deemed price of $0.05 per Unit. Each unit will consist of one common share and one half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share (a "Warrant Share") of the Company at a price of $0.10 per warrant share for a period of 24 months.
All securities issued in connection with the debt settlement will be subject to restrictions on resale for a period of four months and one day in accordance with applicable securities laws. Completion of the debt settlement remains subject to regulatory and board approvals and completion of customary filings with the Canadian Securities Exchange.
Rockland further announces it has set 475,000 options to consultants and directors of the Company at a price of $0.05 for a period of 2 years in accordance with the Company's stock option plan.
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.
SOURCE: Rockland Resources Ltd.
G.Boudreau--SMC
