At the Meeting, the Company received approval to relinquish all of the Company's oil asset, titles and interests received from Golden Coast Energy Corp. As a result, that the Company does not meet the Exchange's Tier 2 Continued Listing Requirements.
If the Company decides not to delist the Company's common shares from the Exchange, the Exchange will require the Company to transfer to the NEX, for not adhering to Continued Listing Requirements pursuant to the Exchange's Policies.
In addition, the Company does not meet the independence requirements of the Board or the audit committee requirements pursuant to the Exchange's Policies.
The securities of the Company had previously been halted due to a proposed change of business. As the proposed change of business has been cancelled - see press release July 4, 2019, it is expected the Company will resume trading on July 12, 2019.
Once resumed the securities of the Company will trade for 10 days before the voluntary delisting occurs.
The Company plans to address these issues in due course as the Company begins to move forward with a more fulsome business plan. This announcement is to inform and confirm to the public an update of the aforementioned actions.
ON BEHALF OF THE BOARD
RED PINE PETROLEUM LTD.
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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