Red Metal Resources Provides Corporate Update
THUNDER BAY, ONTARIO--(Marketwire – Nov. 30, 2009) – Red Metal Resources Ltd. (PINK SHEETS:RMES), a resource company focused on growth through acquiring, exploring and developing copper-gold assets in Chile, announces the following recent corporate developments:
- On November 19, 2009, Red Metal completed a one-for-14 share rollback reducing its total shares outstanding to 5,584,574. As part of the rollback, Red Metal was assigned "RMES" as its new trading symbol.
- In September 2009, prior to the rollback, Red Metal's President, Caitlin Jeffs, P.Geo., invested $100,000 in a private placement of common shares at a price of $0.005 per share (equal to $0.07 per share on a post-rollback basis).
- Proceeds from the private placement were used to fund a five-hole drill program at Red Metal's Farellon property, located in Chile's Candelaria Iron Oxide Copper Gold belt. Red Metal will report the results of the drill program when the results are available.
- In September 2009, there was a change in control in the voting shares of Red Metal. The basis of the change in control was the issuance of, prior to rollback, 20 million restricted common shares to Ms. Jeffs, the President of Red Metal. As a result of the issuance of shares, Ms. Jeffs now owns 1,608,576 (22,520,000 prior to rollback) shares in the capital of Red Metal, which represents 28.8% (4.3% prior to issuance) of the issued and outstanding shares of common stock in the capital of Red Metal.
- In June 2009, in a move aimed at reducing auditing and reporting costs and maximizing investment in its properties, Red Metal filed a Form 15 with the Securities and Exchange Commission (SEC) to voluntarily deregister Red Metal's common stock and suspend its reporting obligations under the Securities Exchange Act of 1934, as amended. Red Metal's obligation to file certain reports and forms, including Forms 10-KSB, 10-QSB and 8-K, with the SEC has been suspended. As a result, Red Metal's common shares are no longer quoted on the Over the Counter Bulletin Board and are now quoted on the Pink Sheets.
About Red Metal Resources Ltd.
Red Metal is a Thunder Bay-based resource company focused on growth through acquiring, exploring and developing copper-gold assets in Chile. For more information, visit www.redmetalresources.com.
This press release contains forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.
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Red Metal Resources Ltd.