VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 7, 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 second tranche of the private placement financing, announced on August 8, 2012. The Company issued an additional 355,278 units, for a total of 2,846,778 units at a price of $0.18 per unit for gross proceeds of $512,420.04.
Each unit consisted of one common share and 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.
The Company has received regulatory approval to increase the amount of the private placement from $500,000 as previously announced to the final amount of $512,420.
All securities issued in the private placement are subject to a four-month hold period that expires on December 28, 2012 (first tranche) and on January 7, 2013 (second tranche). The Company intends to use the proceeds to advance its exploration properties and for general working capital purposes.
Finder's fees totalling $3,197.50 and 17,764 finder's warrants were paid to certain finders and comprise 5% cash and 5% finder's warrants, of the amount placed by those finders. Each finder's warrant is exercisable at a price of $0.25 per share for a period of two (2) years from the date of closing of the private placement.
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. Bluestone Resources Inc. is a member of the Aurora Mineral Resource Group of companies, for more information on the group visit www.auroraresource.com.
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.
Neither the 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.