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Provider: Reuters Investment Profile
Provider: GlobalData

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Bluestone Resources Inc Closes Final Tranche of $512,500 Private Placement

Friday, 7 Sep 2012 02:36pm EDT 

Bluestone Resources Inc announced that it has closed the second tranche of the private placement financing, announced on August 8, 2012. The Company issued an additional 355,278 units, for a total of 2,846,778 units at a price of $0.18 per unit for gross proceeds of $512,420.04. Each unit consisted of one common share and one common share purchase warrant. Each common share purchase warrant is exercisable into one common share for a period of two (2) years from closing at a price of $0.25 per share, subject to the Company's right to accelerate the exercise of the warrants. The Company has received regulatory approval to increase the amount of the private placement from $500,000 as previously announced to the final amount of $512,420. All securities issued in the private placement are subject to a four-month hold period that expires on December 28, 2012 (first tranche) and on January 7, 2013 (second tranche). The Company intends to use the proceeds to advance its exploration properties and for general working capital purposes. Finder's fees totalling $3,197.50 and 17,764 finder's warrants were paid to certain finders and comprise 5% cash and 5% finder's warrants, of the amount placed by those finders. Each finder's warrant is exercisable at a price of $0.25 per share for a period of two years from the date of closing of the private placement. 

Company Quote

-0.0050 -25.00%
21 Jul 2014