VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2012) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES.
Bluestone Resources Inc. (TSX VENTURE:BSR) (the "Company") today announced that it intends to re-price the previously announced non-brokered private placement. The Company now intends to issue up to 3,500,000 units at a price of $0.20 per unit for gross proceeds of $700,000. Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant will be exercisable into one common share for a period of two years from closing at a price of $0.25 per share. The terms and completion of the private placement are subject to TSX Venture Exchange approval.
All securities issued in the private placement will be subject to a four-month hold period from the closing of the private placement. The Company may pay finder's fees in connection with the private placement. The Company intends to use the proceeds of the private placement to advance Bluestone's Alaskan exploration properties and for general working capital purposes.
Any participation by insiders of the Company in the private placement, which participation will be subject to the approval of the independent directors of the Company, will be on the same terms as the arm's length investors, and shareholdings of insiders in the Company will increase as a result of any such participation.
This press release is not an offer of securities for sale in the United States. The common shares being offered have not been and will not be registered under the United States Securities Act of 1933 and accordingly are not being offered for sale and may not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to an exemption from the registration requirements of that Act.
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 a team with the business acumen and technical expertise to identify and advance undervalued mineral exploration projects world-wide.
On behalf of the Board
Bluestone Resources Inc.
Bruce Counts, P. Geoph., President & CEO