22:31:05 EDT Thu 18 Apr 2024
Enter Symbol
or Name
USA
CA



Ridgestone Mining Inc
Symbol RMI
Shares Issued 8,646,000
Close 2018-03-20 C$ 0.48
Market Cap C$ 4,150,080
Recent Sedar Documents

Ridgestone firms up deal to buy option on Rebeico

2018-04-09 09:07 ET - News Release

Mr. Erwin Wong reports

RIDGESTONE MINING INC. ANNOUNCES PROPOSED OPTION TO ACQUIRE 100% INTEREST IN REBEICO PROPERTY

Further to Ridgestone Mining Inc.'s news release dated March 8, 2018, the company has entered into an option agreement with YQ Gold de Mexico, S de RL de CV, with respect to a proposed option to acquire a 100-per-cent interest in what is known as the gold-copper Rebeico property. The Rebeico property consists of six mining concessions covering approximately 167 hectares in Sonora, Mexico.

The option transaction is subject to approval of the TSX Venture Exchange.

The terms of the option require Ridgestone to make an aggregate of $500,000 (U.S.) in cash payments to YQ Gold over a period of six months from receipt of exchange approval of which $350,000 (U.S.) may be satisfied through the issuance of common shares of Ridgestone having an equivalent fair market value. In addition, the company must also incur exploration expenditures of $1-million (U.S.) within two years from exchange approval and pay 50 per cent of the net profits derived from commercial production from the Rebeico property, to a maximum amount of $1.45-million (U.S.) to YQ Gold. Upon exercise of the option, a 2-per-cent net smelter returns royalty will be granted to certain shareholders of YQ Gold. Ridgestone will have the right to repurchase one-half of the NSR, being 1 per cent, for $1-million (U.S.).

Any option shares issued to YQ Gold will be subject to a hold period of four months and one day.

About Ridgestone Mining Inc.

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.

We seek Safe Harbor.

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