LAS VEGAS, Jan. 31, 2013 (GLOBE NEWSWIRE) -- Rimrock Gold Corp., formerly known as Tucana Lithium Corp. (OTCQB:TUCA), is pleased to announce that it has entered into a definitive merger agreement (the "Merger Agreement") to acquire a 100% interest in three prospective gold exploration properties located in the heart of one of the main gold belts of northeast Nevada. Pursuant to the Merger Agreement, on closing of the acquisition, the Company will issue 17,800,000 shares of its common stock to the sellers of the properties.
In anticipation of the acquisition, the Company changed its name from Tucana Lithium Corp. to Rimrock Gold Corp. (the "Name Change"). In addition, the Company will effect a reverse split of its issued and outstanding common shares on a 1-for-8 basis (the "Reverse Split"). Accordingly, the Company's issued and outstanding number of common shares will decrease from 66,435,908 shares to 8,304,488 shares.
The transaction is subject to a number of closing conditions, including approval by FINRA of the Name Change and Reverse Split. There can be no assurance that all of the closing conditions shall be met and that the contemplated transactions will be consummated.On closing, the Company will appoint Mr. Richard Redfern, M.Sc., C.P.G., as a director and Vice President of Exploration. Mr. Redfern is a Certified Professional Geologist and Qualified Person under NI 43-101 and businessman with 35 years of mineral exploration and mining industry experience throughout the Americas, Europe, Africa, and Australasia. He has been involved with major and junior mineral exploration and mining companies since 1975, and has made mineral discoveries, such as in the Keystone, South Dakota gold district for Homestake Mining. He has an extensive list of contacts with present and former government officials and business people in many countries worldwide. Mr. Redfern is currently the President of Mexivada Mining Corp., and worked for Barrick Gold Exploration Inc. in Mexico. He is a Director of Pepper Rock Resources, and has consulted for several publicly listed mining and exploration companies. He is a Fellow of the Society of Economic Geologists, is a Certified Professional Geologist with the American Institute of Professional Geologists, and a Member of the Northwest Mining Association, AIMMGM of Mexico, and the Prospector's and Developer's Association. Mr. Redfern graduated from UCLA in 1977 with a Master's Degree in Geology.