May 15, 2014 – Rio Grande Mining Corp. (TSXV.RGV) (the “Company”) is pleased to announce that it intends to proceed immediately with the consolidation of its shares. The five-old for one-new share consolidation will result in the number of issued and outstanding common shares of the company being reduced from 18,402,689 common shares without par value to 3,680,538 common shares without par value. Outstanding stock options and share purchase warrants will also be adjusted by the consolidation ratio and the respective exercise prices adjusted accordingly. The Consolidation will give the Company greater competitiveness in the marketplace and make the Company’s securities more attractive to a wider audience of potential investors. A special resolution allowing for the alteration of the Company’s shares by the Company’s directors without further shareholder approvals was previously passed by shareholders at the Company’s Annual and Special Meeting held on February 21, 2014. A notice of amended articles was filed and is effective as of Feb. 21, 2014.
Concurrent to this application, the Company will be applying for a new trading symbol and a name change to 92 Resources Corp., in order to rebrand the Company as an energy exploration company. The effective date of the share consolidation and name change is subject to exchange approval.
For more information please contact the Company at 1 604 676-9650 or email: email@example.com
On behalf of the Board of Directors,
President & CEO
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