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Ridgestone Mining Completes $1,120,000 Financing and Issues Bonus Shares
Vancouver, British Columbia--(Newsfile Corp. - April 15, 2019) - Ridgestone Mining Inc. (TSXV:...
About this update from Ridgestone Mining, Inc.
[{"type":"text","content":"Ridgestone Mining Completes $1,120,000 Financing and Issues Bonus SharesVancouver, British Columbia--(Newsfile Corp. - April 15, 2019) - Ridgestone Mining Inc. (TSXV: RMI) (OTCQB: RIGMF) (\"Ridgestone Mining\"), is pleased to announce that it has completed its previously announced private placement financing of units for gross proceeds of $1,120,000 (the \"Financing\"). An aggregate of 8,000,000 units (each, a \"Unit\"), each Unit comprised of one common share of Ridgestone Mining (each, a \"Unit Share\") and one half of one common share purchase warrant (each whole warrant, a \"Warrant\"), were issued at a price of $0.14 per Unit. Each Warrant is exercisable for one additional common share (each, a \"Warrant Share\") at a price of $0.25 until October 13, 2021. The expiry of the Warrants may be accelerated by Ridgestone Mining at any time following the date that is four months and one day from closing of the Financing (the \"Closing Date\"), and prior to the expiry date of the Warrants if, at any time following the Closing Date, the closing price of Ridgestone Mining's common shares on the TSX Venture Exchange (\"TSX-V\") is equal to or exceeds $0.50 for any 10 consecutive trading days. In such event, Ridgestone Mining may accelerate the expiry date of the Warrants by giving notice to holders of Warrants and issuing a news release announcing the reduced Warrant term whereupon the Warrants will expire on the 10th calendar day after the date of such news release.Ridgestone Mining paid finder's fees of 6% cash and 6% compensation warrants (the \"Compensation Warrants\") comprised of a cash commission of $43,260 and a total of 309,000 Compensation Warrants. The Compensation Warrants have substantially the same terms as the Warrants but are not transferable.Ridgestone Mining has also received TSX-V approval for the issuance of 72,222 bonus shares (\"Bonus Shares\") to a director of Ridgestone Mining in connection with a $65,000 loan to Ridgestone Mining under a loan agreement dated February 28, 2019. Ridgestone Mining has issued the Bonus Shares as of April 12, 2019.The Unit Shares, Warrants and Compensation Warrants are subject to a hold period until August 13, 2019. The Bonus Shares are also subject to a four month hold period expiring August 13, 2019. The Financing remains subject to final acceptance of the TSX-V.Following closing...