Orestone Announces $ 1 Million Private Placement
18.05.2012/10.000.000/0,05 - Orestone Mining Corp. (TSX Venture Exchange symbol: ORS) is pleased to announce the completion of a non-brokered private placement. The placement will include a maximum of 7.142.857 common shares (“Shares”) at a price of $ 0,07 per share and a maximum of 1.000.000 common shares (“Flow-Through Shares”) at a price of $ XNUMX per flow-through -Share. The aim is to generate gross proceeds of up to $ XNUMX (the "Private Placement"). Each flow-through share of the company is issued on a flow-through basis in accordance with Canada's Income Tax Act.
Subject to approval by the TSX Venture Exchange (the “Exchange”) and applicable law, the Company may pay certain independent brokers (“Arm's Length Finders”) a finder's fee made up of: (a) one Fee equivalent to a cash amount of up to 7% of the gross proceeds of the Private Placement; (b) In addition, non-transferable Finder's Warrants will be issued, the value of which corresponds to up to 7% of the number of shares and / or flow-through shares sold in the context of the private placement, whereby each Finder's Warrant enables the holder to acquire one common share of the company at an exercise price of $ 0,05 and $ 0,07 respectively and exercisable within one year of the closing date.
The placement should be on or around the 29. May 2012 or, as the Company intends, it may be closed at a later date and the closure must be conditionally approved by the TSX Venture Exchange. Certain company insiders can participate in the private placement. The proceeds of the placement will be used for the exploration drilling that the Company is conducting on the Captain Gold-Copper porphyry project and for general operational purposes.
The Company's securities and the securities to be issued pursuant to the private placement have not been or are not registered under the United States Securities Act of 1933 as amended ("the Law of 1933") or national securities laws and may not be offered or offered in the United States are sold, unless there is a registration or exemption from this registration under the 1933 Law and securities laws in the respective states.
About Orestone Mining:
Orestone Mining Corp. is a Canadian company with a portfolio of gold and gold-copper exploration projects spanning over 700 km² in British Columbia, Canada. Visit the website www.orestone.ca.
FOR ORESTONE MINING CORP.
David Hottman
President and CEO
More information about: David Hottman, President & CEO Email: ppgad@pucrs.br or Anthony Zelen, Senergy Communications Tele: 778-331-2028 E-Mail: ppgad@pucrs.br
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The TSX Venture Exchange and its regulators (referred to in the Articles of Association of the TSX Venture Exchange as Regulation Services Providers) accept no responsibility for the adequacy or accuracy of this announcement. This news release has been prepared by management. No regulatory authority has approved or disapproved the information contained in this press release.
