Ridgestone Mining Closes Remainder of $0.05/UNIT Private Placement
RIDGESTONE MINING INC. [email protected]
606 – 666 Burrard Street, Vancouver, BC V6C 3P6 www.ridgestonemining.com
TSX.V: RMI
OTCQB: RIGMF
RIDGESTONE MINING CLOSES REMAINDER
OF $0.05/UNIT PRIVATE PLACEMENT
VANCOUVER, BC / January 26, 2021 / Ridgestone Mining Inc. ( TSX.V: RMI) (OTCQB: RIGMF)
(FRA:4U5) ("Ridgestone") is pleased to announce the closing of the remaining portion of the $0.05 per
unit portion (the "$0.05/Unit Tranche ") of the non -brokered private placement (the " Private
Placement") announced on December 17, 2020. Ridgestone issued a total of 13,900,000 units (each, a
"Unit") at a price of $0.05 per Unit for gross proceeds of $695,000.
Each Unit in the $0.05/Unit Tranche of the Private Placement consists of one common share (each, a
"Share") and one half of one transferrable common share purchase warrant (each whole warrant, a
"Warrant"). Each Warrant entitles the holder to purchase one additional common share of Ridgestone at
a price of $0.075 per share for a period of one year from the date of issuance.
The expiry of the Warrants may be accelerated by Ridgestone at any time following the date that is four
months and one day from closing of the Private Placement (the " Closing Date"), and prior to the expiry
date of the Warrants if, at any time following the Closing Date, the closing price of Ridgestone's common
shares on the TSX Venture Exchange (the "TSX-V") is equal to or exceeds $0.15 for any 10 consecutive
trading days. In such event, Ridgestone 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 30th calendar day after the date of such news release.
In connection with the $0.05/Unit Tranche of the Private Placement, Ridgestone paid an aggregate of
$21,780 in cash finders' fees plus issued a total of 435,600 share purchase warrants (the " Finders'
Warrants") to purchase 435,600 common shares. The Finders' Warrants are non -transferable and wil l
have the same terms as the Warrants forming part of the Units.
The Shares, Warrants and Finders' Warrants are subject to a hold period until May 27, 2021. The Private
Placement remains subject to final acceptance of the TSX-V.
The proceeds from the Private Placement will be used to partially fund Ridgestone’s obligations under the
Option Agreement and for working capital.
Directors of Ridgestone acquired a total of 700,000 Units in the $0.05/Unit Tranche of the Private
Placement (the " Insider Partici pation"). The Insider Participation is exempt from the valuation and
minority shareholder approval requirements of Multilateral Instrument 61 -101 Protection of Minority
Securityholders in Special Transactions ("MI 61-101") by virtue of the exemptions contained in Sections
5.5(a) and 5.7(1)(a) of MI 61 -101 based on that the fair market value of such Insider Participation does
not exceed 25% of Ridgestone's market capitalization.
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RIDGESTONE MINING INC. [email protected]
606 – 666 Burrard Street, Vancouver, BC V6C 3P6 www.ridgestonemining.com
TSX.V: RMI
OTCQB: RIGMF
The securities referred to herein will not be or have 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 is a Canadian mineral exploration company focused on its wholly-owned, high-grade Rebeico
gold-copper project located in Sonora, Mexico.
For further information, please contact:
Rad Rajaram – Manager Corporate Relations and Business Development
Telephone: 416-732-0604
This news release contains forward -looking statements or information (collectively referred to herein as "forward -looking statements"). Such
statements are subject to risks and u ncertainties 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 obtain fro m 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.sedar.com. 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 and 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 ce rtainty 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 in 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 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 release.