06:49:48 EDT Fri 29 Mar 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 arranges 2:1 split, $1.8M private placement

2018-04-26 10:00 ET - News Release

Mr. Erwin Wong reports

RIDGESTONE MINING INC. ANNOUNCES PROPOSED FORWARD SPLIT AND PRIVATE PLACEMENT FINANCING

Ridgestone Mining Inc. will seek approval for the forward split of its common shares on a basis of two postsplit common shares for each one presplit common share. As a result, for each one common share currently held by a Ridgestone shareholder, the shareholder will receive one additional common share. Completion of the forward split is subject to the approval of the TSX Venture Exchange. The forward split will not affect shareholders' percentage ownership in the company even though such ownership will be represented by a larger number of common shares. As at the date hereof, there are an aggregate of 8,646,000 common shares issued and outstanding. It is expected that upon completion of the split an aggregate of approximately 17,292,000 common shares will be issued and outstanding, excluding any additional share issuances that may be pending, as a result of the financing described below. The company's name will not change in connection with the split.

The company's board of directors considers it advisable to effect the split in order to provide the company with increased liquidity and the flexibility to seek additional financing opportunities and/or to pursue strategic transactions.

In addition, the company announces that it intends to complete a private placement financing for gross proceeds of up to $1.8-million, which is expected to consist of 10 million units, with each unit comprising one common share and one common share purchase warrant at a price of 18 cents per unit, on a postsplit basis, or such other price per unit determined by Ridgestone management in compliance with exchange pricing regulations. Each whole share purchase warrant will be exercisable to acquire one common share of Ridgestone at a price of 25 cents per share for a period of 36 months following the closing of the financing.

The financing is non-brokered. Certain directors, officers and insiders of Ridgestone may participate in the financing. Proceeds from the financing are expected to be used for continuing working capital requirements relating to the option transaction described below.

Completion of the financing is subject to the split occurring and exchange acceptance, and all securities issued pursuant to the financing will be subject to a hold period of four months as required under applicable securities legislation. Further, the closing of the financing will also be conditional upon exchange approval and closing of the previously announced 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 the Rebeico gold-copper property. The Rebeico property comprises six mining concessions covering approximately 167 hectares in Sonora, Mexico.

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.

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