VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 15, 2012) - This news release is being disseminated as required by National Instrument 62-103 The Early Warning system and Related Take Over Bids and Insider Reporting Issues in connection with the filing of an amended early warning report ("Early Warning Report") regarding the acquisition of ownership and control by John Robins, of 1020 - 800 West Pender Street, Vancouver, B.C. V6C 2V6 of 1,800,000 units issued pursuant to the private placement of Bluestone Resources Inc. (the "Company") completed on February 22, 2012. The issuance of the 1,800,000 shares comprising the units, in part, represents approximately 15.2% of the Company's issued and outstanding common shares.
Following this acquisition, Mr. Robins owns, directly and indirectly, 2,310,665 common shares in the capital of the Company representing approximately 19.53% of the Issuer's issued common shares. Mr. Robins also owns, directly and indirectly, options and warrants (including warrants comprising the units purchased pursuant to the private placement) entitling the purchase of an aggregate of 1,941,500 common shares of the Company's, or, assuming exercise of all of the options and warrants owned by Mr. Robins, he would own, directly and indirectly, a total of 4,252,165 common shares or approximately 30.87% of the Company's issued and outstanding common shares (and not 24.88% as previously stated), assuming exercise of only those options and warrants held by Mr. Robins. Mr. Robins has undertaken to the Company and the TSX Venture Exchange to not vote any shares held by him at any shareholders meeting of the Company in excess of the number that is 15% of the issued and outstanding capital of the Company on the date of such meeting and exercise any options or warrants that would result in him holding more than 15% of the voting rights attached to all securities of the Company. Further, if shareholder approval is not obtained to Mr. Robins becoming a control person of the Company at the next annual general meeting of the Company, Mr. Robins has undertaken to sell, at the subscription price of the Private Placement, such number of shares equal to the excess of 15% back to the Company, or at the Company's option, a third party purchaser.
Mr. Robins acquired the units in reliance on the exemption from the prospectus requirements contained in section 2.10 of National Instrument 45-106 Prospectus and Registration Exemptions.
Mr. Robins acquired the units for investment purposes only and may, from time to time, acquire additional securities of the Company, dispose of some or all of the existing or additional securities he holds or will hold, or may continue to hold his current position.
A copy of the Amended Early Warning Report may be found under the Company's profile on www.SEDAR.com.
John M. Robins