Mr. Ron Birch reports
RIDGESTONE MINING COMPLETES $900,000 FINANCING AND CLOSES REBEICO PROPERTY OPTION AGREEMENT
Ridgestone Mining Inc. has completed its previously announced private placement financing of units for gross proceeds of $900,000.
An aggregate of five million units, each unit comprising one common share of the company and one common share purchase warrant, were issued at a price of 18 cents per unit. Each warrant is exercisable for one additional common share at a price of 25 cents until June 8, 2021.
The company has also received final acceptance from the TSX Venture Exchange for the option agreement with YQ Gold de Mexico S de RL de CV, pursuant to which Ridgestone has been granted an option to acquire a 100-per-cent 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 and paid a cash sum of $50,000 (U.S.) 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 Oct. 9, 2018. The option shares are also subject to a four-month hold period expiring Oct. 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 continuing working capital requirements relating to the option agreement.
About the company
Ridgestone Mining is engaged in the business of mineral exploration and holds an option to acquire a 100-per-cent interest in the Cimarron gold property located in Nye county, Nevada, United States.
We seek Safe Harbor.
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