VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 13, 2011) - Orestone Mining Corp. (TSX VENTURE:ORS) is pleased to announce, subject to regulatory approval, a non-brokered private placement of up to 10,000,000 units ("Units") at a price of $0.10 per Unit for gross proceeds of up to $1,000,000 (the "Private Placement"). Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant ("Warrant"). Each Warrant will be exercisable for one common share of the Company at a price of $0.20 for one year from the date of issuance. A 7% finder's fee may be paid in cash on a portion of the Private Placement.
Certain of the Company's insiders may participate in the Private Placement. The net proceeds of the Private Placement will be used for exploration and for general working capital purposes.
Orestone Mining Corp. is a Canadian based company managed by mining industry professionals. The Company is headquartered in Vancouver, British Columbia and controls a portfolio of gold and gold-copper exploration projects totaling more than 700 square kilometers.
ON BEHALF OF ORESTONE MINING CORP.
David Hottman, President and CEO
This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.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 News Release.
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