|By Marketwired .||
|May 16, 2014 08:00 AM EDT|
TORONTO, ONTARIO -- (Marketwired) -- 05/16/14 -- Razore Rock Resources Inc. ("Razore Rock" or the "Company") (CSE:RZR) wished to advise that, further to its Press Release of April 16, 2014, it was unable to make the commitment to spend by June 1, 2014 the $60,000 required under its Option Agreement with Alto Ventures Ltd. ("Alto Ventures") to keep the mineral exploration licenses included in the Oxford Lake Property in good standing for a further year. The Option Agreement has been terminated.
Razore Rock was unsuccessful in raising money under its financing announced on April 3, 2014. The continuing malaise in the junior resource markets, the lack of liquidity in the Company's stock and the relatively low number of shares issued and outstanding are all factors that contributed to the inability of the Company to raise funds. While the Oxford Lake Property remains an excellent gold exploration target, the Company was not able to raise the minimal amount of funds necessary to maintain its interest in the Oxford Lake Property pending a subsequent financing.
Management of the Company will continue to look for suitable opportunities for the Company but with its extremely limited financial resources and the continuing lack of investor interest in the junior resource markets, the Company's future is uncertain.
About Razore Rock Resources Inc.
Razore Rock Resources Inc. is a mineral exploration company focused on the acquisition, exploration and development of mineral resources, primarily gold, in Manitoba. Razore Rock holds a 100% interest in five mining claim blocks (the Duff Claims Property) in the Flin Flon District, Manitoba.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this Press Release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.
Razore Rock Resources Inc.
Razore Rock Resources Inc.
Gary F. Zak
Vice President, Corporate Development