Orestone Mining (ORS-V) arranges $250,000 private placement, drilling
June 6, 2013 - News Release
Orestone Mining Corp. has arranged a non-brokered private placement consisting of a maximum of 2,941,176 units at a price of 8.5 cents per unit for total gross proceeds of up to $250,000. Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each whole warrant will be exercisable for one common share of the company at a price of 14 cents for one year from the date of issuance. Subject to the approval of the TSX Venture Exchange and applicable laws, the company may pay to certain arm's-length finders a cash finder's fee of 7 per cent of the gross proceeds of the private placement.
The closing date is anticipated to be on or about June 20, 2013, or such later date as the corporation may determine. Closing will be subject to receipt of conditional approval by the exchange. Certain of the company's insiders may participate in the private placement.
The net proceeds of the private placement will be used for exploration and development of the company's Captain gold/copper porphyry property near Ft. St. James, B.C., where drilling is anticipated to begin in the coming weeks.
Within British Columbia, Canada, the company has recently discovered a large copper/gold porphyry system on the 100-per-cent-owned Captain project and is seeing increased interest in the Stewart mining camp where the company's 50-square-kilometre Todd Creek (51-per-cent) asset is located. |
