Orestone Mining Corp. (TSX Venture Exchange--Symbol: ORS)
(the "Company") is pleased to announce that the non brokered private placement announced on June 6th, 2013 has closed. The Company has issued 1,779,410 units ("Units") at a price of $0.085 per Unit for aggregate gross proceeds of $151,250 (the "Private Placement"). Each Unit consisted of one common share of the Company and one-half of one common share purchase warrant. Each whole warrant ("Warrant") will be exercisable for one common share of the Company at a price of $0.14 until June 20, 2014.
The Company has paid to certain arm's length finders a fee of 7 per cent of the aggregate gross proceeds of the Private Placement consisting of $1,488 in cash.
All securities issued under the Private Placement, including the common shares issuable pursuant to the exercise of the Warrants, will be subject to a four-month hold period which will expire on October 20, 2013.
The net proceeds of the Private Placement will be added to general working capital. With working capital of approximately $800,000 the Company is now well funded to undertake the next phase of drilling on the Company's Captain Gold/Copper Porphyry Property near Ft. St. James, British Columbia, drilling is anticipated to begin in the coming weeks.
ON BEHALF OF ORESTONE MINING CORP.
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release. This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.