Business
Orestone Increases Flow-Through Private Placement to $650,000
Vancouver, British Columbia--(Newsfile Corp. - August 21, 2019) - Orestone Mining Corp. (TSXV...
About this update from Orestone Mining Corp.
[{"type":"text","content":"Orestone Increases Flow-Through Private Placement to $650,000Completes $251,800 First TrancheVancouver, British Columbia--(Newsfile Corp. - August 21, 2019) - Orestone Mining Corp. (TSXV: ORS) (the \"Company\") is pleased to announce that due to demand from investors, it has increased the maximum size of its previously announced non-brokered private placement (see news release dated July 8, 2019) to 4,062,500 units of the Company (each, a \"Unit\") for aggregate gross proceeds of $650,000 (as so increased, the \"Offering\").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.In addition, the Company is pleased to announce the completion of the first tranche of the Offering. The Company issued a total of 1,573,750 Units for gross proceeds of $251,800. The closing of the second tranche of the Offering will be subject to receipt of conditional approval by the TSX Venture Exchange for the increase in the Offering. 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 first tranche of the Offering and the shares issuable upon exercise of the warrants are subject to a hold period that expires on December 21, 2019.Finders' fees amounting to $3,840 were paid in connection with the first tranche of the Offering.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 ...