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Provider: Reuters Investment Profile
Provider: GlobalData

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Bluestone Resources Inc Closes First Tranche Of $700,000 Private Placement

Monday, 10 Dec 2012 07:48pm EST 

Bluestone Resources Inc announced that it has closed the first tranche of the private placement of units, announced on November 29, 2012. The Company sold, on a non-brokered, private placement basis, 1,135,000 million units of the Company at a price of $0.20 per unit for gross proceeds of $227,000. As previously disclosed, each unit consisted of one common share and one-half of 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 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 $0.50 for a period of 10 consecutive trading days during the term of the warrant, commencing four months after the date the warrants are issued. All securities issued in the private placement are subject to a four-month hold period from the closing of the private placement expiring on April 11, 2012. The Company intends to use the proceeds of the private placement to advance Bluestone's Alaskan exploration properties and for general working capital purposes. Bluestone expects to complete a second tranche of the private placement with a closing date of December 17, 2012. 

Company Quote

25 Nov 2014