Non-brokered deal finances exploration and development of properties
By Devika Patel
Knoxville, Tenn., Oct. 10 - Orestone Mining Corp. said it once again increased a non-brokered private placement of units to C$2 million from C$1.75 million. The deal priced Sept. 25 and was increased to C$1.75 million from C$1.25 million on Sept. 27.
The company will now sell 2.7 million flow-through units of one flow-through common share and a half-share warrant at C$0.125 per unit and 16,625,000 units of one common share and a half-share warrant at C$0.10 per unit.
Each whole warrant is exercisable for one year, with the flow-through unit warrants exercisable at C$0.17 and the unit warrants exercisable at C$0.15. The strike prices are 41.67% and 25% premiums to the Sept. 24 closing share price of C$0.12.
Settlement is expected Oct. 12.
Proceeds will be used for exploration and development of the company's mineral property portfolio and for general corporate purposes.
Orestone is a Vancouver, B.C., gold and copper exploration company.
| Issuer: | Orestone Mining Corp.
|
| Issue: | Flow-through units of one flow-through common share and a half-share warrant, units of one common share and a half-share warrant
|
| Amount: | C$2 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 25
|
| Upsized: | Sept. 27, Oct. 10
|
| Settlement date: | Oct. 12
|
| Stock symbol: | TSX Venture: ORS
|
| Stock price: | C$0.12 at close Sept. 24
|
| Market capitalization: | C$2.71 million
|
|
|
| Flow-through units
|
| Amount: | C$337,500
|
| Units: | 2.7 million
|
| Price: | C$0.125
|
| Warrant strike price: | C$0.17
|
|
|
| Units
|
| Amount: | C$1,662,500
|
| Units: | 16,625,000
|
| Price: | C$0.10
|
| Warrant strike price: | C$0.15
|
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