Orestone Announces Financing
TSX-V: ORS June 13, 2008 - Orestone Mining Corp. (TSX-V:ORS) (“Orestone”) is pleased to announce that it intends to complete a non-brokered private placement to raise up to an aggregate $1.5 million, through the sale of a minimum of 1,833,333 flow-through units (“FT Units”) at $0.30 per FT Unit and up to 3,800,000 non-flow through units (“Non-FT Units”) at $0.25 per Non-FT Units. Each FT Unit will consist of one flow-through common share and one common share purchase warrant (the “FT Warrants”). Each FT Warrant will entitle the holder to purchase one additional common share for 24 months from the closing of the offering at a price of $0.35 per share for the first 12 months and $0.50 for the remaining 12 months. Each Non-FT Unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share for 24 months from the closing of the offering at a price of $0.30 per share for the first 12 months and $0.40 for the remaining 12 months.
A cash finder’s fee may be payable on a portion of the placement as permitted under the policies of the TSX Venture Exchange. Finders may also receive warrants (the “Finders Warrants”) entitling them to purchase that number of units which is equal to 10% of the number of FT Units and/or Non-FT Units sold by the Finders. The Finders Warrants will expire twenty-four months after the closing of the offering. The exercise price for the Finders Warrants will be $0.30 per unit with each unit consisting of one common share and one warrant exercisable on the same terms as the FT Warrants.
The placement is to finance exploration programs on Orestone’s B.C. projects and for general working capital.
This private placement is subject to regulatory approval.
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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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