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TORONTO, March 31, 2023 (GLOBE NEWSWIRE) — Red Pine Exploration Inc. RPXRDEXF (“Red Pine” or the “Pursue“) is pleased to announce that it has entered into an amendment agreement with Haywood Securities Inc. (“haywood“), as Co-Lead Agent and Sole Bookrunner, on behalf of 3L Capital Inc. (“3L capital” and along with Haywood, the “Co-Lead Agents“), as co-lead agent, and a syndicate of agents (along with the co-lead agents, the “agents“) in connection with an agency-based private placement “to the best of its ability” to increase the size of the previously announced private placement for gross proceeds of up to $6,800,000 (the “enlarged Offer“).

The Enhanced Offering consists of any combination of (i) Company Units (the “units“) at a price of $0.20 per unit (the “issue price“); (ii) Tranche 1 flow-through units of the Company (the “Tranche 1 FT Shares“) at a price of $0.235 per Tranche 1 FT Unit (the “Tranche 1 FT issue price“); and (iii) the Company’s Tranche 2 flow-through units (the “Tranche 2 FT shares” and together with the Shares and FT-Shares of Tranche 1, the “Securities Offered“) at a price of $0.285 per Tranche 2 FT Unit (the “Tranche 2 FT issue price“).

Each Unit consists of one common share in the capital of the Company (a “common share“) and one-half common share purchase warrant of the Company (each whole purchase warrant being a “warranty“). Each Tranche 1 FT Unit consists of one common share that qualifies as a “flow-through share” within the meaning of subsection 66(15) of the Income Taxes Act (Canada) (the “tax law“) and one-half of a warrant. Each Tranche 2 FT Unit consists of one common share that qualifies as a “flow-through share” for the purposes of Subsection 66(15) of the Taxes Act and one-half of one warrant. Each Warrant entitles the holder to purchase one common share (a “option stock“) at a price per warrant…