Vancouver, British Columbia--(Newsfile Corp. - May 6, 2022) - Rain City Resources Inc. (CSE: RAIN) (the "Company") announces that the board of directors of the Company have approved a share consolidation of all of its issued and outstanding securities on a three (3) for one (1) basis pursuant to the policies of the Canadian Securities Exchange. Currently, the Company's authorized share capital is an unlimited number of common shares without par value, of which 47,795,601 shares are issued and outstanding with a further 15,126,860 shares reserved for issuance upon the exercise of outstanding warrants. Following consolidation and subject to rounding, the Company will have issued and outstanding 15,931,867 common shares, subject to shares being issued pursuant to outstanding warrants being exercised prior to the effective date of the consolidation. The board of directors believe that the share consolidation will provide the Company with increased flexibility to seek financing opportunities and strategic acquisitions.
The Company does not intend to undergo a name change in conjunction with the proposed consolidation.
FOR FURTHER INFORMATION CONTACT:
Justin Corinella
President
Rain City Resources Inc.
Telephone: 778-819-3792
info@raincityresources.com
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this news release.
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