Business
Orestone Completes Final Tranche of Upsized Private Placement
Vancouver, British Columbia--(Newsfile Corp. - August 26, 2019) - Orestone Mining Corp. (TSXV...
About this update from Orestone Mining Corp.
[{"type":"text","content":"Orestone Completes Final Tranche of Upsized Private PlacementVancouver, British Columbia--(Newsfile Corp. - August 26, 2019) - Orestone Mining Corp. (TSXV: ORS) (the \"Company\") is pleased to announce the completion of the second and final tranche of its upsized non-brokered private placement originally announced for $500,000 on July 8, 2019 and increased to $650,000 as announced on August 21, 2019 (the \"Offering\"). In the second tranche, the Company issued 2,600,000 units of the Company (each, a \"Unit\") for gross proceeds of $416,000.The terms of the Offering remain as disclosed in the Company's news release dated July 8, 2019. Each Unit consists of one common share of the Company qualifying as a \"flow-through\" share pursuant to the Income Tax Act (Canada) (a \"Flow-Through Share\") at a price of $0.16 per Flow-Through Share and one-half of one common share purchase warrant, with each whole warrant being exercisable to purchase one (non flow-through) common share of the Company at a price of $0.22 for a term of one year.The Company will use the proceeds of the Offering to incur qualifying Canadian exploration expenses in connection with exploration drilling on the Company's Captain Gold Copper Porphyry Project located in British Columbia. The Company will renounce such applicable exploration expenses to subscribers under the Offering.The shares and warrants issued under the second tranche of the Offering and the shares issuable upon exercise of the warrants are subject to a hold period that expires on December 24, 2019.Finders' fees amounting to $22,200 were paid in connection with the second tranche of the Offering.Aggregate gross proceeds of the private placement total $667,800 through the sale of 4,173,750 Units.ABOUT ORESTONEOrestone Mining Corp. (TSXV: ORS) is a Canadian based company managed by mining industry professionals. The Company controls a portfolio of gold and gold-copper exploration projects in Chile and British Columbia, Canada. The Resguardo project is a drill ready project located 90 km northeast of the City of Copiapo in Region III, Chile. The region is host to many world class gold and copper deposits. The Captain project hosts the Admiral target, a large drill ready gold/copper porphyry system located 30 kilometres south of the Mt Milligan Mine in British Columbia. For more information please visit:...