Bluestone Resources Closes First Tranche of $700,000 Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2012) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES.
Bluestone Resources Inc. (TSX VENTURE:BSR) (the "Company" or "Bluestone") today announced that it has closed the first tranche of the private placement of units, announced on November 29, 2012. The Company sold, on a non-brokered, private placement basis, 1,135,000 million units of the Company at a price of $0.20 per unit for gross proceeds of $227,000.
As previously disclosed, each unit consisted of one common share and one-half of one common share purchase warrant. Each common share purchase warrant is exercisable into one common share for a period of two (2) years from closing at a price of $0.25 per share, subject to the Company's right to accelerate the exercise of the warrants if the daily volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange is equal to or exceeds $0.50 for a period of 10 consecutive trading days during the term of the warrant, commencing four months after the date the warrants are issued.
All securities issued in the private placement are subject to a four-month hold period from the closing of the private placement expiring on April 11, 2012. The Company intends to use the proceeds of the private placement to advance Bluestone's Alaskan exploration properties and for general working capital purposes.
Bluestone expects to complete a second tranche of the private placement with a closing date of December 17, 2012.
About Bluestone Resources Inc.:
Bluestone Resources Inc. is a Canadian exploration company focused on the discovery and development of economic mineral deposits. Founded in 2004, the Company has assembled one of the most qualified technical teams in worldwide exploration.
On behalf of the Board
Bluestone Resources Inc.
Bruce Counts, P. Geoph., President & CEO
This press release includes "forward-looking information" including statements regarding the private placement that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future fund raising and capital expenditures are subject to all of the risks and uncertainties normally incident with the raising of capital including, but are not limited to, financing risks and risk of regulatory change. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking information. Such forward-looking information represents management's best judgment based on information currently available. The Company does not assume the obligation to update any forward-looking information, except as required by applicable law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Bluestone Resources Inc.
President & CEO