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Ridgestone Mining Inc. Announces Closing of Final Tranche of Financing
Vancouver, British Columbia--(Newsfile Corp. - February 28, 2020) - Ridgestone Mining Inc. (...
About this update from Ridgestone Mining, Inc.
[{"type":"text","content":"Ridgestone Mining Inc. Announces Closing of Final Tranche of FinancingVancouver, British Columbia--(Newsfile Corp. - February 28, 2020) - Ridgestone Mining Inc. (TSXV: RMI) (OTCQB: RIGMF) (\"Ridgestone Mining\") is pleased to announce that it has closed the final tranche (the \"Final Tranche\") of its previously announced private placement financing (the \"Financing\"). An aggregate of 2,263,666 units (\"Units\") at a price of $0.15 per Unit were issued in the Final Tranche for gross proceeds of $339,549.90 and the net proceeds are expected to be used for ongoing working capital requirements relating to the Rebeico gold-copper project in Sonora, Mexico.Each Unit issued consists of one common share (each, a \"Share\") and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\") exercisable at a price of $0.30 until February 27, 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 Exchange is equal to or exceeds $0.45 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 \"Finder's Warrants\") in the Final Tranche comprised of a cash commission of $17,370 and a total of 115,800 Finder's Warrants. The Finder's Warrants have substantially the same terms as the Warrants but are not transferable.All Shares, Warrants and Finder's warrants issued are subject to a hold period expiring June 28, 2020. The Financing remains subject to final acceptance of the TSX Venture Exchange (\"TSX-V\").In total, an aggregate 7,012,013 Units for gross proceeds of $1,051,801.95 were issued in the Financing.Ridgestone Mining today also announced that it has entered into a shares for debt settlement with Leede Jones Gable Inc. (\"Leede\") to settle the aggregate amount of $105,000 due to Leede for consulting se...