Orestone Announces Closing Of First Tranche Of Non-Brokered Private Placement
TSX-V: ORS July 16, 2008 - Orestone Mining Corp. (TSX-V:ORS) (“Orestone”) is pleased to announce that it has closed the first tranche of the non-brokered private placement announced on June 13, 2008 consisting of 2,668,332 flow-through units (the “FT Units”) at a price of $0.30 per FT Unit for gross proceeds of $800,500. Each FT Unit consists of one flow-through common share and one common share purchase warrant (the “FT Warrants”). Each FT Warrant entitles the holder to purchase one additional common share for 24 months from the date of closing at a price of $0.35 per share for the first 12 months and $0.50 for the remaining 12 months.
Finder’s fees of $36,540 were paid to finders. Finders also received 266,833 warrants (the “Finders Warrants”) entitling them to purchase up to 266,833 units. The Finders Warrants will expire twenty-four months after the closing of the offering. The exercise price for the Finders Warrants is $0.30 per unit with each unit consisting of one common share and one non-transferable warrant exercisable on the same terms as the FT Warrants.
The securities are subject to a hold period expiring on November 17, 2008.
The placement is to finance exploration programs on Orestone’s B.C. projects and for general working capital.
Orestone is presently exploring three claim blocks in northern B.C. within Quesnel Terrane, which extends from the US border to northern B.C. Quesnel Terrane hosts numerous mines and many developing bulk tonnage Cu-Au prospects such as those on the Mt. Milligan and Kwanika properties in north-central B.C., as well as sediment-hosted gold mineralization such as on the Spanish Mountain and Frasergold properties in south-central B.C.
For further information contact Gordon Richards, the President of Orestone, at (604) 940-6466 or Jim Mitchell, a director of Orestone, at 1-604-796-9893.
ON BEHALF OF THE BOARD OF DIRECTORS OF ORESTONE MINING CORP.
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