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RockBridge Resources Inc. has announced that Gurminder Sangha, of Vancouver, BC, has been appointed to its Board of Directors.
Mr. Sangha is an independent business advisor to the resources industry and brings over twelve years of management and financing expertise in both public and private companies. Mr. Sangha has served as a board member on various TSX-Venture listed companies and assisted with corporate finance duties, business development activities, and governance. His previous positions included various lending and securities related positions with Scotiabank. Mr. Sangha holds a Bachelor of Commerce degree.
The Company’s only long term debt is with respect to convertible debentures with a current principal balance of $65,000 and interest at 12% per annum. It has been agreed, subject to regulatory approval, to extend the maturity date of these debentures for one year to January 1, 2015 with the holders having the right to convert all or part of the principal balance prior to maturity into common shares of the Company at $0.07 each.
The Company continues to actively seek to increase its production and revenue, primarily through acquisitions of producing assets in Western Canada or smaller companies with production. As well, it is currently considering several options to increase production at its existing properties.
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