TSX Venture Exchange: RBE
VANCOUVER, Aug. 8, 2018 /CNW/ - RockBridge Resources Inc. ("RockBridge" or the "Company" – TSXV symbol: RBE) had signed an agreement in May 2017 for a proposed merger with 1100556 B.C. Ltd, a company planning to enter the medical marijuana market. Due to delays and uncertainty with the project, the parties have now terminated the proposed merger and related transactions.
The Company is now actively seeking new opportunities and in order to facilitate that, will be restructuring. The Company will be consolidating its common share capital on a 4 old for 1 new share basis and will be settling debt of $128,880 with 2,148,007 post-consolidated shares at $0.06 each, all subject to regulatory approval.
The Company will also be conducting a private placement of post-consolidated shares at $0.06 each, subject to regulatory approval, for gross proceeds of $250,000. The proceeds will be utilized, along with the shares for debt, to pay off all of the Company's liabilities, and for working capital.
The Company's shares will remain halted from trading, pending completion of the restructuring and subject to regulatory approval.
Gurm Sangha has resigned from the Board of Directors to focus on his other endeavours and the Company wishes him the best of luck for the future.
ROCKBRIDGE RESOURCES INC.
Steve Mathiesen, President & CEO
This news release may include statements about expected further events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. RockBridge cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what RockBridge currently foresees. Discussion on the various factors that may affect future results is contained in RockBridge' s recent filings, available on SEDAR.
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE RockBridge Resources Inc.
For further information: on RockBridge, please email [email protected] or call 604-281-2240.