Non-brokered deal funds exploration, general working capital
By Devika Patel
Knoxville, Tenn., Nov. 30 - Orestone Mining Corp. said it raised C$611,500 in the initial tranche of a C$1 million non-brokered private placement of units. The deal priced Oct. 13.
The company is selling 10 million units of one common share and one half-share warrant at C$0.10 per unit, with each whole warrant exercisable at C$0.20 until Nov. 29, 2012. The strike price is a 66.67% premium to C$0.12, the Oct. 12 closing share price.
Orestone sold 6,115,000 units in the first tranche.
Proceeds will be used for exploration and general working capital.
Orestone is a Vancouver, B.C., gold and copper exploration company.
| Issuer: | Orestone Mining Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1 million
|
| Units: | 10 million (6,115,000 in first tranche)
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Nov. 29, 2012
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 13
|
| Settlement date: | Nov. 30 (for C$611,500)
|
| Stock symbol: | TSX Venture: ORS
|
| Stock price: | C$0.12 at close Oct. 12
|
| Market capitalization: | C$4.95 million
|
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