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Advance Notice Filed with Rifco Inc. for the Nomination of Four Director Nominees to Replace the Directors of RIFCO Inc.


HANNA, AB, Nov. 5, 2020 /CNW/ - Tim Peterson, a long standing shareholder of Rifco Inc. ("Rifco" or "Company") (TSXV:RFC), has filed a notice (the "Notice") with the President and CEO of Rifco for the nomination of four highly-experienced independent directors to be elected to the board of the Company at the annual general and special meeting of the Company to be held on December 11, 2020 (the "Meeting"). Mr. Peterson has filed the Notice on behalf of the Concerned Shareholders (the "Concerned Shareholders") of Rifco led by 933672 Alberta Ltd., Tim Peterson, Ruth Peterson, Sorbrick Capital Corp., 812787 Alberta Ltd., Big Country Holdings Ltd., Norman Storch and Jeffrey Newhouse

The Concerned Shareholders currently exercise control or direction over an aggregate of 9,132,582 common shares (the "Common Shares") in the capital of Rifco, representing approximately 42.29% of the 21,597,483 outstanding Common Shares.  As previously announced the Concerned Shareholders' replacement director nominees are Jared Priestner, Tim Peterson, Jeffrey Newhouse and Sean Aylward, each of whom is highly-qualified and well-known in the business community. Mr. Peterson has filed the Notice in accordance with By-Law No. 1-A of Rifco ("By-Law 1-A"), as the Company has been unresponsive to the Concerned Shareholders' numerous attempts to engage in discussion for an orderly and fair election.

The Concerned Shareholders have requested that the Company confirm in writing by November 6, 2020 that the Notice either satisfies the requirements of the Company's advance notice by-law or, if it does not satisfy such requirements, to contact Tim Peterson so that the parties may work in good faith to address any purported deficiencies as soon as practicable and in any event, prior to the deadline for delivery of advance notice in respect of the nomination of directors for election at the Meeting under By-Law 1-A.  In addition, the Concerned Shareholders have requested that the Company include the Concerned Shareholders' nominees in the management information circular and that a universal proxy be used listing all nominees for the election of directors of the Company. This request is consistent with good corporate governance expectations and will allow shareholders to choose the board they want.

The Concerned Shareholders are not soliciting proxies in connection with the Meeting at this time. The Concerned Shareholders have retained Shorecrest Group Ltd. ("Shorecrest") as it strategic shareholder communications and proxy advisor. Shorecrest's responsibility will include providing strategic advice and advising the concerned shareholders with respect to the Meeting and proxy protocol. Shorecrest's responsibilities will also include soliciting shareholders should the Concerned Shareholders commence a formal solicitation of proxies.

SOURCE Concerned Shareholders of RIFCO INC.

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