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"
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.