Non-brokered deal finances exploration and development of properties
By Devika Patel
Knoxville, Tenn., Sept. 25 - Orestone Mining Corp. said it plans a C$1.25 million non-brokered private placement of units.
The company will sell 5 million flow-through units of one flow-through common share and a half-share warrant at C$0.125 per unit and 6 million 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. 5.
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$1.25 million
|
Warrants: | One half-share warrant per unit
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Warrant expiration: | One year
|
Agent: | Non-brokered
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Pricing date: | Sept. 25
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Settlement date: | Oct. 5
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Stock symbol: | TSX Venture: ORS
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Stock price: | C$0.12 at close Sept. 24
|
Market capitalization: | C$1.97 million
|
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Flow-through units
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Amount: | C$625,000
|
Units: | 5 million
|
Price: | C$0.125
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Warrant strike price: | C$0.17
|
|
Units
|
Amount: | C$600,000
|
Units: | 6 million
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Price: | C$0.10
|
Warrant strike price: | C$0.15
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