Ridgestone Mining Completes $900,000 Financing and Closes Rebeico Property Option Agreement
Vancouver, British Columbia--(Newsfile Corp. - June 11, 2018) - Ridgestone Mining Inc. (TSXV: RMI) (the "Company" or "Ridgestone"), is pleased to announce that it has completed its previously announced private placement financing of units for gross proceeds of $900,000 (the "Financing").
An aggregate of 5,000,000 units (each, a "Unit"), each Unit comprised of one common share of the Company (each, a "Unit Share") and one common share purchase warrant (each, a "Warrant"), were issued at a price of $0.18 per Unit. Each Warrant is exercisable for one additional common share (each, a "Warrant Share") at a price of $0.25 until June 8, 2021.
The Company has also received final acceptance from the TSX Venture Exchange for the option agreement (the "Option Agreement") with YQ Gold de Mexico, S. de R.L. de C.V. ("YQ Gold"), pursuant to which Ridgestone has been granted an option to acquire a 100% interest in what is known as the gold-copper Rebeico Property located in Sonora, Mexico. The Company has issued an aggregate of 845,347 common shares ("Option Shares") and paid a cash sum of US$50,000 to satisfy the initial payment obligation under the Option Agreement.
The Unit Shares, Warrants and any Warrant Shares issued upon exercise of the Warrants are subject to a hold period until October 9, 2018. The Option Shares are also subject to a four month hold period expiring October 12, 2018.
Following closing of the Financing and the issuance of the Option Shares, an aggregate of 23,137,347 common shares of Ridgestone are issued and outstanding.
The net proceeds from the Financing will be used for ongoing working capital requirements relating to the Option Agreement.
For further information, please contact:
Ron Birch, Director
Ridgestone Mining Inc.
About the Company
Ridgestone Mining Inc. is engaged in the business of mineral exploration and holds an option to acquire a 100% interest in the Cimarron Gold Property located in Nye County, Nevada, USA.
Neither 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 news release contains forward-looking statements or information (collectively referred to herein as "forward-looking statements"). Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of the Company. In this news release such statements include but are not limited to the preparation of a definitive agreement and the requirement of TSX Venture Exchange approval therefor. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including those described in the Company's Prospectus dated February 9, 2018 available on www.sedar.com. Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. Readers are cautioned that the foregoing list of risks, uncertainties and other factors is not exhaustive. Unpredictable or unknown factors not discussed could also have material adverse effects on forward-looking statements. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent on other factors, and the Company's course of action would depend on its assessment of the future considering all information then available. All forward-looking statements in this news release are expressly qualified in their entirety by these cautionary statements. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.