Ridgestone Mining Completes $900,000 Financing and Closes Rebeico Property Option Agreement
Ridgestone Mining Completes $900,000 Financing and
Closes Rebeico Property Option Agreement
Vancouver, British Columbia--(Newsfile Corp. - June 11, 2018) - Ridgestone Mining Inc. (TSXV: RMI) (the "
Company
" or
"
Ridgestone
"), is pleased to announce that it has completed its previously announced private placement financing of units for
gross proceeds of $900,000 (the "
Financing
").
An aggregate of 5,000,000 units (each, a "
Uni
t"), each Unit comprised of one common share of the Company (each, a "
Unit
Share
") and one common share purchase warrant (each, a "
Warrant
"), were issued at a price of $0.18 per Unit. Each Warrant
is exercisable for one additional common share (each, a "
Warrant Share
") at a price of $0.25 until June 8, 2021.
The Company has also received final acceptance from the TSX Venture Exchange for the option agreement (the "
Option
Agreement
") with YQ Gold de Mexico, S. de R.L. de C.V. ("
YQ Gold
"), pursuant to which Ridgestone has been granted an
option to acquire a 100% interest in what is known as the gold-copper Rebeico Property located in Sonora, Mexico. The
Company has issued an aggregate of 845,347 common shares ("
Option Shares
") and paid a cash sum of US$50,000 to
satisfy the initial payment obligation under the Option Agreement.
The Unit Shares, Warrants and any Warrant Shares issued upon exercise of the Warrants are subject to a hold period until
October 9, 2018. The Option Shares are also subject to a four month hold period expiring October 12, 2018.
Following closing of the Financing and the issuance of the Option Shares, an aggregate of 23,137,347 common shares of
Ridgestone are issued and outstanding.
The net proceeds from the Financing will be used for ongoing working capital requirements relating to the Option Agreement.
For further information, please contact:
Ron Birch, Director
Ridgestone Mining Inc.
Telephone: 1-800-910-7711
About the Company
Ridgestone Mining Inc. is engaged in the business of mineral exploration and holds an option to acquire a 100% interest in the
Cimarron Gold Property located in Nye County, Nevada, USA.
Neither TSX Venture Exchange nor its
R
egulation
S
ervices
P
rovider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
.
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 the preparation of a definitive agreement and
the requirement of TSX Venture Exchange approval therefor.
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 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
Prospectus dated February 9, 2018
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
certainty as such factors are dependent o
n 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.