Vancouver, British Columbia – (Newsfile Corp. – March 1, 2021) – Orestone Mining Corp. (TSXV: ORS) (FSE: O2R1) (WKN: O2R1) is pleased to announce that the Orestone Broker-less Private Placement Funding of $ 1.1 million announced on February 17, 2021 has been increased to $ 1.4 million. The share portion of the financing was increased from $ 450,000 to $ 756,000, increasing the number of shares to be issued at a price of $ 0.09 per share from 5.0 million to 8.33 million. Each unit will consist of one common share of the Company and one common share purchase warrant. Each warrant may be exercised for one common share of the Company at a price of $ 0.15 for a period of one year from the date of issue.
The flow-through portion of the Offer consists of up to 5,000,000 common shares (the “Flow-Through Shares”) at a price of $ 0.13 per flow-through share. Each flow-through share of the Company will be issued on a “flow-through” basis in accordance with the Income Tax Act (Canada).
“We are pleased with the increased interest in the offering which will allow us to more aggressively pursue drilling on the discovery of Captain copper and gold porphyry in British Columbia,” said David Hottman, CEO of ‘Orestone Mining Corp.
The closing date will be on or around March 15, 2021 or such later date as the Company may determine. Closing will be subject to receipt of conditional approval by the TSX Venture Exchange (the “Exchange”). Subject to the approval of the Exchange and applicable laws, the Company may pay a cash fee of 7% of the proceeds of the offering to certain arm’s length intermediaries.
The Company will use the proceeds of the Offering to incur eligible exploration expenses in Canada in connection with exploration drilling on the Company’s Captain Gold Copper Porphyry project located in British Columbia, Canada, and for general purposes of the Company. ‘business. The Company will waive such exploration expenses applicable to subscribers in connection with the offering.
It is expected that certain directors, officers and other insiders of the Company will acquire Units and / or Flow-Through Shares as part of the Offering. Any such participation will be considered “related party transactions” within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. Protection of holders of minority securities in special transactions (“MI 61-101”) adopted into policy. The Company intends to avail itself of the exemptions from the formal assessment and minority shareholder approval requirements of NI 61-101 contained in Sections 5.5 (a) and 5.7 (1) (a) of NI 61-101. with respect to the related party interest in the Offer because neither the fair market value (as determined under NI 61-101) of the subject matter of the transaction, nor the fair market value of the consideration for the transaction. transaction, as it involves related parties, should not exceed 25% of the Company’s market capitalization (as determined under NI 61-101).
The securities mentioned in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”), or any applicable securities law. ‘a state of the United States. , and may not be offered or sold in the United States or to, or on behalf of or for the benefit of, United States persons (as that term is defined in Regulation S under the US Securities Act) or persons in United States unless they are registered under the US Securities Act and any other applicable securities laws in the United States or an exemption from these registration requirements is available. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities in any jurisdiction, including the United States.
Orestone Mining Corp. is a Canadian company that owns a 100% interest in the 37 square kilometer Captain gold and copper porphyry project in north central British Columbia. The project houses a gold-copper porphyry system that encompasses a group of large targets (see site for maps) located 41 kilometers north of Fort St. James, British Columbia and 30 kilometers south of the Mt. Milligan copper-gold mine. The Captain Project features relatively flat terrain, moderate tree cover, and an extensive network of logging and forest service roads suitable for year-round exploration.
For more information, please visit: www.orestone.ca
ON BEHALF OF ORESTONE MINING CORP.
For more information, contact: David Hottman at 604-629-1929 | [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release has been prepared by management and no regulatory authority has approved or disapproved of the information it contains.
This press release contains “forward-looking statements” within the meaning of Canadian securities laws. These forward-looking statements relate to the expected subscriptions and closing of the Offer, the net proceeds of the Offer, and the intended use of the proceeds. These forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Assumptions were made regarding, inter alia: general economic and financial market conditions; the timing and amount of capital expenditure; and the effects of regulation by government agencies. Actual results could differ materially from those anticipated in these forward-looking statements due to risk factors, including: availability of funds; the timing and content of the work programs; the results of exploration activities on mining properties; interpretation of drilling results and other geological data; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the management of the Company on the date the statements are made. Assumptions used in preparing these statements, while believed to be reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which do not are valid only on the date on which the declarations were made. The Company assumes no obligation to update or revise any forward-looking statements included in this press release if such beliefs, estimates and opinions or other circumstances change, except as applicable law requires otherwise.
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