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Red Pine Exploration Inc. Announces $2,436,800 Non-Brokered Private Placement

^{Published on 2009-12-11 14:47:11 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - Dec. 11, 2009) - The Directors of RED PINE EXPLORATION INC. (TSX VENTURE:RPX) ("Red Pine") wish to announce the closing of a non-brokered private placement financing for total gross proceeds of $2,436,800.

A total of $1,608,800 of the gross proceeds relates to the sale of 17,875,554 Flow-Through Units sold at $0.09 per Unit. Each Flow-Through Unit consists of one common share issued on a flow-through basis and one-half of a non-flow-through common share purchase warrant. Each whole common share purchase warrant entitles the holder to acquire one common share for $0.15 for a period of two years after closing. Insiders of the Company subscribed for 2,100,000 of the Flow-Through Units for a total purchase price of $189,000.

A total of $828,000 of the gross proceeds relates to the sale of 10,350,000 Hard Dollar Units sold at $0.08 per Unit. Each Hard Dollar Unit consists of one common share and one non-flow-through common share purchase warrant. Each whole common share purchase warrant entitles the holder to acquire one common share for $0.15 for a period of two years after closing. Insiders of the Company subscribed for 2,375,000 of the Hard Dollar Units for a total purchase price of $190,000.

All securities issued in conjunction with the above-noted offerings will be subject to a hold period, which expires four months from date of issuance. Proceeds of the financing will be used to fund exploration efforts and working capital requirements.

As part of the financing, a total of 11,111,111 Flow-Through Units were sold to the MineralFields Group. "We are extremely pleased to be entering into this relationship with MineralFields Group and the other contributing shareholders," said Brent Nykoliation, Vice President of Business Development. "This is an important milestone in the growth of our company and we look forward to working with the shareholders as we develop our mining properties."

Finder fees were paid as follows: cash fee of $79,903, the issuance of 175,000 common shares and 175,000 broker warrants; and the issuance of 777,777 broker options. Each whole broker option entitles the holder to acquire one Unit consisting of one common share and one-half of one common share purchase warrant for a period of two years after closing. Each whole warrant entitles the holder to acquire one common share for $0.15 per for a period of two years from date of issuance.

About MineralFields, Pathway and First Canadian Securities^®:

MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at [ www.mineralfields.com ]. First Canadian Securities ^® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ^®.

About Red Pine Exploration:

Red Pine Exploration has a long tradition of gold exploration and production including the Edwards property and the Edwards Gold Mine in the Wawa area of Ontario. The Company's current exploration projects, including the recently acquired Charlie Mortimer property focus on gold properties in Northern Ontario, specifically which are either in or near the prolific gold district of Timmins. Red Pine Exploration is based in Toronto, Ontario, Canada and trades on the TSX Venture exchange under the symbol RPX.

Administration

A total of 3,575,000 options were reissued to Directors, Officers and Consultants of the Company on December 10, 2009 under the terms of the incentive stock option plan of the Company filed with the TSX Venture Exchange and approved by shareholders at the last Annual General Meeting of Shareholders of the Company held on January 27, 2009. The options are exercisable at a price of $0.10 per share for a period of four years and are subject to a four-month hold period from the date of the issuance.

CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, future plans and objectives of Red Pine Exploration Inc., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Red Pine Exploration Inc.'s expectations are the risks detailed herein and from time to time in the filings made by Red Pine Exploration Inc. with securities regulators.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.