TSXV – ROU.V
VANCOUVER, May 10, 2016 /CNW/ - Rouge Resources
Ltd., (TSXV – ROU.V) (the "Company") is pleased to
announce that Peter Leitch,
David Whelan and Larry Copeland have been appointed to the
Company's board of directors and the Company has appointed
Peter Leitch as Chief Executive
Officer and Melinda Coghill as Chief
Financial Officer and Corporate Secretary. Jim Burns, Steven
Chan, Darcy Krell,
David Mark, Ronald McGregor and Linda Smith have resigned from the board and the
board would like to thank them for their services.
The Company has also entered into a financial advisory mandate
agreement with Fiore Management & Advisory Corp. to provide
financial advice and corporate administration.
In connection with the foregoing appointments, an aggregate of
2,500,000 incentive stock options have been granted to directors,
officers, consultants and charitable organizations at a price of
$0.05 per share, exercisable for a
period of 10 years, subject to TSX-V approval.
The Company also announces that Fiore Financial Corporation, a
company owned and controlled by Frank
Giustra, and the Radcliffe Foundation, a charitable
organization controlled by Frank
Giustra, acquired 8,300,000 common shares pursuant to a
private transaction. The acquisitions represent 18.60% of the
issued and outstanding common shares of the Company. As a
result of the acquisition of securities described above,
Frank Giustra directly and
indirectly, owns and or controls, in aggregate 8,300,000 common
shares of the Issuer, representing 18.60% of the current issued and
outstanding common shares of the Company.
The Company further announces that Brian
Paes-Braga and Quiet Cove Capital Corp., a company owned and
controlled by Brian Paes-Braga
acquired 8,300,000 common shares pursuant to a private
transaction. The acquisitions represent 18.60% of the issued
and outstanding common shares of the Company. As a result of
the acquisition of securities described above, Brian Paes-Braga directly and indirectly, owns
and or controls, in aggregate 8,300,000 common shares of the
Issuer, representing 18.60% of the current issued and outstanding
common shares of the Company.
The Company has been advised that Mr. Giustra's related entities
and Mr. Paes-Braga and his related entity acquired these securities
for investment purposes and as disclosed in the Early Warning
Report accompanying this news release, may in the future acquire or
dispose of securities of the Company, through the market, privately
or otherwise, as circumstances or market conditions warrant.
On behalf of ROUGE RESOURCES LTD.
"Peter Leitch"
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Rouge Resources Ltd.