Red Pine Exploration Inc. announced private placement on a bought deal basis for issuance of 18,182,000 flow-through shares at a price of CAD 0.22 per flow-through share for gross proceeds of CAD 4,000,040; and 3,704,000 flow-through shares at a price of CAD 0.27 per flow-through share for gross proceeds of CAD 1,000,080; for aggregate gross proceeds of CAD 5,000,120 on November 16, 2023. The company will receive CAD 4,000,040 in its first tranche and CAD 1,000,080 in its second tranche. The company has granted the underwriters an option to purchase up to an additional 15% of the offering in any combination of tranche 1 flow-through shares and tranche 2 flow-through shares, exercisable in whole or in part at any time up to 48 hours prior to the closing date.

The transaction is expected to close on or about December 7, 2023, and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX Venture Exchange and the applicable securities regulatory authorities. The securities issued under the offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the offering. The offering is subject to final acceptance of the TSXV.