Bluestone Resources Provides Corporate Update
02.07.2013 | Marketwire
Not for dissemination in the United States or through U.S. newswires.VANCOUVER, BRITISH COLUMBIA -- (Marketwired - July 2, 2013) - Bluestone Resources Inc. (the "Company") (TSX VENTURE:BSR) today provided an update of the Company's affairs. The Company has amended its financing plans as previously announced on March 21, 2013 and will proceed with a new, re-priced non-brokered private placement (the "Financing") to raise $450,000.
The announced Financing will be a non-brokered private placement of up to 9,000,000 units at a price of $0.05 per unit for gross proceeds of $450,000. Each unit will consist of one common share and one common share purchase warrant. Each whole common share purchase warrant will be exercisable into one common share of the Company for a period of two years from closing at a price of $0.10 per share. The warrants will be subject to the Company's right to accelerate the exercise period if the daily volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange is equal to or exceeds $0.20 for a period of 10 consecutive trading days during the term of the warrant, commencing four months after the date the warrants are issued.
The terms and completion of the Financing are subject to TSX Venture Exchange approval. All securities issued in the Financing will be subject to a four-month hold period. The Company may pay finder's fees in connection with the Financing. The Company intends to use the proceeds of the Financing for general working capital purposes. Any participation by insiders of the Company in the Financing, which participation will be subject to the approval of the independent directors of the Company, will be on the same terms as the arm's length investors, and shareholdings of insiders in the Company will increase as a result of any such participation.
Bluestone management and board of directors have evaluated both of the two Alaskan projects acquired in a court-ordered bankruptcy proceeding in November 1, 2012 and have determined to retain only the Richardson project. As such, the Company has informed Gold Range Ltd. (the underlying lease holder) that it will not be continuing under the Mining Lease Agreement governing the Shorty Creek project. The Company will continue to seek joint venture partnerships or financing opportunities for its Richardson and Mojave projects.
About Bluestone Resources Inc.:
Bluestone Resources Inc. is a Canadian exploration company focused on the discovery and development of economic mineral deposits. Founded in 2004, the Company has assembled a team with the business acumen and technical expertise to identify and advance undervalued mineral exploration projects world-wide.
About Aurora Mineral Resource Group
Bluestone Resources is a member of the Aurora (Aurora) Mineral Resource Group of Companies. Aurora companies have collectively raised over $10,500,000 for exploration thus far in 2013 and conducted over 40,000 metres of drilling with exploration expenditures totalling in excess of $15,000,000.
On behalf of the Board Bluestone Resources Inc.
David WJ McAdam
CEO/President
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 includes "forward-looking information" including statements that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking information. Such forward-looking information represents management's best judgment based on information currently available. The Company does not assume the obligation to update any forward-looking information, except as required by applicable law.
Bluestone Resources Inc. is a member of the Aurora Mineral Resource Group of companies. For more information please visit www.auroraresource.com.
Contact
Bluestone Resources Inc
Investor Relations
604.646.4527
Toll free: 1.888.331.2269
info@bluestoneresources.ca
www.bluestoneresources.ca