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Orestone Announces $600,000 Non-Brokered Private Placement and Shares-For-Debt Settlement; Crescat Capital LLC Becomes Strategic Shareholder
Vancouver, British Columbia--(Newsfile Corp. - April 24, 2025) - Orestone Mining Corp. (TSXV: OR...
About this update from Orestone Mining Corp.
[{"type":"text","content":"Orestone Announces $600,000 Non-Brokered Private Placement and Shares-For-Debt Settlement; Crescat Capital LLC Becomes Strategic ShareholderVancouver, British Columbia--(Newsfile Corp. - April 24, 2025) - Orestone Mining Corp. (TSXV: ORS) (FSE: O2R2) (the \"Company\") is pleased to announce a non-brokered private placement consisting of up to 13,333,333 units (\"Units\") at a price of $0.045 per Unit for aggregate gross proceeds of up to $600,000 (the \"Offering\"). Each Unit will consist of one common share of the Company and one common share purchase warrant (a \"Warrant\"). Each Warrant will be exercisable for one common share of the Company at a price of $0.08 for two years from the date of issuance.The closing date will be on or about May 9, 2025 or such later date as the Company may determine. Closing will be subject to receipt of conditional approval by the TSX Venture Exchange (the \"Exchange\"). Subject to the approval of the Exchange and applicable laws, the Company may pay a cash fee of 7% of the proceeds of the Offering to certain arm's length finders.The Company is also pleased to welcome a new strategic shareholder, Crescat Capital LLC (\"Crescat\"), who will be subscribing for 8,728,328 Units for gross proceeds of $392,774.76. Crescat will be subscribing through Crescat Portfolio Management LLC on behalf of its five (5) Pooled Investment Funds. It is anticipated that certain directors, officers and other insiders of the Company will acquire Units under the Offering. Such participation will be considered to be \"related party transactions\" within the meaning of Exchange Policy 5.9 (\"Policy 5.9\") and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") adopted in Policy 5.9. The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Offering as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves the related parties, is expected to exceed 25% of the Company's market capitalization (as determined under MI 61-101).The Company intends to use the net proceeds f...