Business
Orestone Announces $850,000 Dollar Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 19, 2020) - Orestone Mining Corp. (TSXV: O...
About this update from Orestone Mining Corp.
[{"type":"text","content":"Orestone Announces $850,000 Dollar Private PlacementVancouver, British Columbia--(Newsfile Corp. - May 19, 2020) - Orestone Mining Corp. (TSXV: ORS) (the \"Company\") reports that the non-brokered private placement financing announced on February 14, 2020, for $500,000 at $0.10 per Unit has been terminated.The Company is pleased to announce a new non-brokered private placement consisting of up to 10,625,000 units (\"Units\") at a price of $0.08 per Unit for aggregate gross proceeds of up to $850,000 (the \"Offering\"). Each Unit will consist of one common share of the Company and one common share purchase warrant. Each Warrant will be exercisable for one common share of the Company at a price of $0.12 for two years from the date of issuance. If the closing trading price of the Shares on the TSX Venture Exchange (or such other stock exchange on which the Shares may be listed) is at or greater than $0.25 per Share for any 20 consecutive trading days at any time commencing four (4) months after the Closing Date, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and, in such case, the Warrants will expire on the earlier of (a) the 10th trading day after the date on which such notice is given by the Company and (b) the original expiry date of the Warrants.Closing of the Offering is subject to regulatory approval. Resale of the securities distributed in connection with the Offering will be subject to a hold period of four months and one day following the closing date of the Offering.The net proceeds of the Private Placement will be used to advance exploration on the Company's Resguardo project in Chile, the Captain Project in British Columbia and for general working capital purposes.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 TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") adopted in the Policy. 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 particip...