Funds from non-brokered deal earmarked for exploration drilling
By Marisa Wong
Madison, Wis., May 16 - Orestone Mining Corp. announced an up to C$1 million non-brokered private placement of common stock.
The company plans to sell a maximum of 10 million common shares at a price of C$0.05 per share and a maximum of 7,142,857 flow-through common shares at a price of C$0.07 per flow-through share. The prices reflect a 16.67% discount and a 16.67% premium to the May 10 closing share price of C$0.06.
The private placement is expected to close May 29.
The company said that certain of its insiders may participate in the placement.
Proceeds will be used to fund exploration drilling on the Captain Gold Copper Porphyry Project and for general corporate purposes.
Based in Vancouver, B.C., Orestone controls a portfolio of gold and gold-copper exploration projects within British Columbia.
| Issuer: | Orestone Mining Corp.
|
| Issue: | Common shares, flow-through shares
|
| Amount: | Up to C$1 million
|
| Warrants: | None
|
| Agent: | Non-brokered
|
| Pricing date: | May 16
|
| Closing date: | May 29
|
| Stock symbol: | TSX Venture: ORS
|
| Stock price: | C$0.06 at close May 10
|
| Market capitalization: | C$3.28 million
|
|
|
| Common stock
|
| Shares: | Up to 10 million
|
| Price: | C$0.05 per share
|
|
|
| Flow-through stock:
|
| Shares: | Up to 7,142,857
|
| Price: | C$0.07 per share
|
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