Bluestone Resources Announces $900,000 Private Placement and Debt Settlement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 11, 2015) -
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Bluestone Resources Inc. (TSX VENUTRE:BSR) (the "Company") today announced that it intends to complete a non-brokered private placement of up to 18,000,000 units at a price of $0.05 per unit for gross proceeds of up to $900,000. Each unit will consist of one common share and one common share purchase warrant. Each share purchase warrant will be exercisable into one common share for a period of five years from closing at a price of $0.07 per share. The terms and completion of the private placement are subject to TSX Venture Exchange approval.
All securities issued in the private placement will be subject to a four-month hold period from the closing of the private placement. The Company may pay finder's fees in connection with the private placement. The Company intends to use the proceeds of the private placement for general working capital purposes.
Subject to approval of the TSX Venture Exchange, the Company also intends to enter into debt settlement agreements with certain creditors to settle outstanding debt of up to $450,000 by issuing common shares at a deemed price of $0.05. The shares issued to settle debt will be subject to a four month hold period from the date of issuance.
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.
On behalf of the Board
Bluestone Resources Inc.
John Robins, President, CEO & Director
For further information about Bluestone Resources Inc. or this news release, please visit our website at www.bluestoneresources.ca