Bluestone Resources gets $30 million facility for mine project

By Mary-Katherine Stinson

Lexington, Ky., March 14 – Bluestone Resources Inc. signed a $30 million bridge loan with lenders Zebra Holdings and Investments Sarl and Lorito Holdings Sarl, according to a press release.

The loan matures March 11, 2023.

The facility may be drawn down in tranches not less than $1 million.

In consideration for the loan, the company issued 150,000 common shares at signing and will issue 4,000 additional shares per each $1 million of the outstanding principal amount based on a monthly calculation and issued from time to time until the maturity date.

The bonus shares are subject to TSX Venture Exchange approval and will be subject to a four-month hold period.

Due to the lender and its affiliates having beneficial ownership of more than 10% of the common shares of the company, the issuance of the bonus shares will be a related-party transaction.

The proceeds of the loan will be used to advance the Cervo Blanco Gold project through engineering and permit approval and for general corporate purposes.

Bluestone Resources is a Vancouver, Canada-based precious metals exploration and development company focused on Guatemala.

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