Vancouver, BC, June 28, 2018 -- Roughrider Exploration Limited (TSX-V: REL) ("Roughrider" or the "Company") -- announces that, further to the Company's news release dated June 7, 2018, it will proceed with a share consolidation of its issued and outstanding common shares (the "Consolidation"). The Company's new CUSIP number is 77910P200; the name and trading symbol will remain unchanged.
The consolidation will be effective from July 3, 2018 at market open and carried out on a basis of one (1) post-consolidation share for every five (5) pre-consolidation shares. As a result of the Consolidation, the Company's currently outstanding 47,082,757 issued and outstanding common shares will be reduced to approximately 9,416,551 common shares. No fractional shares will be issued. Fractional share interests of 0.50 or higher arising from the Consolidation will be rounded up to one whole common share and any fractional share interest of less than 0.50 will be cancelled.
Registered shareholders will be receiving a letter of transmittal from the Company's transfer agent, Computershare Investor Services Inc., as soon as practicable after the effective date of the consolidation. The letter of transmittal will enable registered shareholders to exchange their old share certificates representing pre-consolidation common shares for new share certificates representing the post-consolidation common shares. Until surrendered, each share certificate representing pre-consolidation common shares will be deemed for all purposes to represent the number of whole post-consolidation common shares to which the holder is entitled as a result of the consolidation.
The exercise price and the number of common shares of the Company issuable under its outstanding options and warrants will automatically be adjusted upon implementation of the Consolidation.
The Company currently has outstanding stock options exercisable to purchase an aggregate of 2,400,000 common shares at exercise prices ranging from $0.07 to $0.22. Upon completion of the Consolidation, there would be stock options outstanding to purchase an aggregate of 480,000 common shares at exercise prices ranging from $0.35 to $1.10, based on the current number of outstanding stock options.
The Company currently has outstanding warrants exercisable to purchase an aggregate of 5,305,880 common shares at an exercise price of $0.10. Upon completion of the Consolidation, there would be warrants outstanding to purchase an aggregate of 1,061,176 common shares at an exercise price of $0.50, based on the current number of outstanding warrants.
There will be no requirement for option or warrant holders to exchange their certificates or take any other action in connection with the Consolidation.
About Roughrider Exploration Limited
Roughrider and its partner Kivalliq Energy are exploring the Genesis uranium project located in the Wollaston-Mudjatik geological trend extending northeast from Saskatchewan's Athabasca Basin. In addition, Roughrider has acquired options on the Brownell Lake and Olsen property options near La Ronge Saskatchewan and the Silver Ace and Sterling projects in central British Columbia.
For further information, please contact:
Chief Executive Officer
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements." All statements, other than statements of historical fact, are to be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by the company, are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include but are not limited to: fluctuations in market prices, exploration and exploitation successes, continued availability of capital and financing, changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and general political, economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation to update any forward-looking statements.