Ridgestone Mining Closes $800,000 Unit Private Placement
RIDGESTONE MINING INC. [email protected]
503 – 905 West Pender Street, Vancouver, BC V6C 1L6 www.ridgestonemining.com
TSX.V: RMI
OTCQB: RIGMF
RIDGESTONE MINING
CLOSES $800,000 UNIT PRIVATE PLACEMENT
VANCOUVER, BC / October 20, 2023 / Ridgestone Mining Inc. ( TSX.V: RMI) (OTCQB: RIGMF)
(FRA:4U5) (the "Company" or "Ridgestone") is pleased to announce that further to its news release dated
October 11, 2023, it has closed its non-brokered private placement financing of 10,000,000 units at $0.08
per unit ("Units") raising gross proceeds of $800,000 (the "Private Placement").
Each Unit is comprised of one common share and one share purchase warrant (“Warrant”). Each Warrant
will entitle the holder thereof to purchase one additional common share of the Company at an exercise price
of $0.10 per share for a period of five years from closing.
Certain insiders of the Company participated in the Private Placement for a total of $170,000, which is a
“related party transaction” within the meaning of Multilateral Instrument 61 -101 Protection of Minority
Security Holders in Special Tra nsactions (“MI 61-101”). The issuances to the insiders are exempt from
the valuation requirement of MI 61-101 by virtue of the exemptions contained in sections 5.5(b) and 5.5(g)
of MI 61-101 as the Company's shares are not listed on a specified market and is in financial hardship. In
addition, regarding the minority shareholder approval exemption, the Company has determined that the
exemption set out in sections 5.7(1)(b) and 5.7(1)(e) of MI 61-101 is applicable in that the distribution of
the securities to the related parties will have a fair market value of not more than $2,500,000, the Company
is in financial hardship and the Company is not listed on a specified market.
The Shares and Warrants are subject to a hold period until February 19, 2024. The Private Placement is
subject to final TSX Venture Exchange approval.
The proceeds from the Private Placement will be used for mining exploration and development and for
general working capital.
The securities referred to herein will not be or ha ve not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.
About Ridgestone Mining Inc.
Ridgestone Mining has assembled a highly experienced and dynamic team to explore and advance its
projects in Mexico. Ridgestone’s 100% -owned Rebeico copper -gold project has high -grade copper and
gold pervasive throughout the property with highlights including 1.56% c opper plus 1.80 g/t gold
intersected over 19.3 metres from surface at the New Year Zone and 2.78% copper plus 8.69 g/t gold over
2.0 metres from the Alaska Vein.
For further information, please contact:
Rad Rajaram – Manager Corporate Relations and Business Development
Telephone: 416-732-0604
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RIDGESTONE MINING INC. [email protected]
503 – 905 West Pender Street, Vancouver, BC V6C 1L6 www.ridgestonemining.com
TSX.V: RMI
OTCQB: RIGMF
This news release contains forward -looking statements or information (collectively referred to herein as "forward -looking statements"). Such
statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those
contained in the statements and are not guarantees of future performance of the Company. In this news release such statements include but are
not limited to any ongoing drilling programs, timing of such programs, or exploration results. No assurance can be given that any of the events
anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtai n from them. These forward-
looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be
incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-
looking statements, including those described in the Company's regulatory filings available on www.sedarplus.ca. Should one or more of these
risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from
those projected in the forward -looking statements. Readers are cautioned that the foregoing list of risks, uncertainties an d other factors is not
exhaustive. Unpredictable or unknown factors not discussed could also have material adverse effects on forward-looking statements. The impact
of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent on other factors, and
the Company's course of action would depend on its assessment of the future considering all information then available. All forward-looking
statements in this news release are expressly qualified i n their entirety by these cautionary statements. Except as required by law, the Company
assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
Neither TSX Venture Exchange nor its Reg ulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.