08:54:04 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Ridgestone Mining Inc
Symbol RMI
Shares Issued 35,198,161
Close 2020-01-31 C$ 0.215
Market Cap C$ 7,567,605
Recent Sedar Documents

Ridgestone Mining arranges $1.05M private placement

2020-02-04 11:02 ET - News Release

An anonymous director reports

RIDGESTONE MINING INC. ANNOUNCES PROPOSED FINANCING

Ridgestone Mining Inc. intends to complete a non-brokered private placement financing for gross proceeds of up to $1.05-million, which is expected to consist of up to seven million units, with each unit comprising one common share and one-half of one common share purchase warrant at a price of 15 cents per unit, or such other price per unit determined by Ridgestone Mining management in compliance with TSX Venture Exchange pricing regulations. Each warrant will be exercisable for one additional common share of Ridgestone Mining at a price of 30 cents per share for a period of 12 months following the closing of the financing.

The expiry of the warrants may be accelerated by Ridgestone Mining at any time following the date that is four months and one day from closing of the financing and prior to the expiry date of the warrants if, at any time following the closing date, the closing price of Ridgestone Mining's common shares on the exchange is equal to or exceeds 45 cents for any 10 consecutive trading days. In such event, Ridgestone Mining may accelerate the expiry date of the warrants by giving notice to holders of warrants and issuing a news release announcing the reduced warrant term whereupon the warrants will expire on the 10th calendar day after the date of such news release.

Ridgestone Mining intends to pay finders' fees of up to 6 per cent in cash and 6 per cent in finder's warrants in connection with the financing. Certain directors, officers and insiders of Ridgestone may participate in the financing. Net proceeds from the financing are expected to be used for continuing working capital requirements relating to the Rebeico gold-copper project in Sonora, Mexico.

Completion of the financing is subject to 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.

About Ridgestone Mining Inc.

Ridgestone Mining is a TSX Venture Exchange-listed junior mineral exploration company with offices in Vancouver, B.C., and Taipei. Ridgestone Mining's focus is on precious metals and copper in Sonora, Mexico, and specifically the Rebeico gold-copper project.

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