HALIFAX -- Royal Roads Corp. (RRO-TSX-V) ("Royal Roads") is pleased to announce that it has received approval from the TSX Venture Exchange ("TSXV") to extend the expiry date of the 3,887,500 common share purchase warrants ("RRO Warrants") that were issued in connection with Royal Roads' May 2007 private placement. Originally, each RRO Warrant entitled the holder thereof to purchase one common share of Royal Roads at any time until 5:00 p.m. (Halifax time) on either January 4, 2009 or January 18, 2009 (the "RRO Expiry Date") at a purchase price of Cdn$0.54. Royal Roads has extended the RRO Expiry Date of such RRO Warrants to July 4, 2010 or July 18, 2010, respectively. Except for the RRO Expiry Date extension, all provisions of the RRO Warrants remain the same. There is one insider of Royal Roads who holds 32.15% of the RRO Warrants.
Royal Roads also received approval from the TSXV to extend the expiry date of the 4,649,998 common share purchase warrants (the "Replacement Warrants"), originally issued by Buchan River Ltd. ("Buchans River") in connection with the May 2007 private placement by Buchans River. On July 25, 2008, Buchans River and Royal Roads completed a plan of arrangement under s. 192 of the Canada Business Corporations Act resulting in the business combination of Buchans River and Royal Roads, such that Buchans River has become a wholly-owned subsidiary of Royal Roads. Each outstanding warrant of Buchans River was exchanged for the economically equivalent Replacement Warrants. See the news release of Buchan River dated July 28, 2008 for more information on the plan of arrangement.
Each Replacement Warrant originally entitled the holder thereof to purchase one common share of Royal Roads at any time until 5:00p.m. (Halifax time) on either January 18, 2009 or January 25, 2009 (the "Replacement Expiry Date") at a purchase price of Cdn$0.34. Royal Roads has extended the Replacement Expiry Date of such Replacement Warrants to July 18, 2010 or July 25, 2010, respectively. Except for the Replacement Expiry Date extension, all provisions of the Replacement Warrants will remain the same. There are no insiders of Royal Roads who hold Replacement Warrants.
About Royal Roads
Royal Roads is a resource company based in Halifax, Nova Scotia, Canada and is focused on exploring and developing base metal properties in the famous Buchans and Victoria Lake mining camps in central Newfoundland and Labrador, Canada, where Royal Roads controls property totaling 33,700 hectares, including the historic Buchans mines, the Lundberg deposit in the Buchans camp and the Daniels Pond deposit in the Victoria Lake camp. The Company also controls several exploration properties outside of the Buchans camp, including several under joint venture to Prominex Resource Corp. (PXR - TSX-V) and Playfair Mining Ltd. (PLY - TSX-V), which are being actively explored. Royal Roads is 29.18% controlled by Acadian Mining Corporation, a Halifax based resource company developing gold and base metal properties, including the Scotia Mine (lead and zinc) in Nova Scotia.
Forward Looking Statements
Certain information regarding Royal Roads contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Royal Roads believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond Royal Roads' control, and that future events and results may vary substantially from what both companies currently foresee. Royal Roads' forward-looking statements are expressly qualified in their entirety by this cautionary statement.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: ROYAL ROADS CORP.