Lorito Holdings S.a.r.l.

Zebra Holdings and Investments S.a.r.l.

June 01, 2017 14:39 ET

Lorito Holdings S.a.r.l. and Zebra Holdings and Investments S.a.r.l. Report Conversion of Subscription Receipts of Bluestone Resources Inc. Into Common Shares

LUXEMBOURG, LUXEMBOURG--(Marketwired - June 1, 2017) - Lorito Holdings S.à.r.l. ("Lorito") and Zebra Holdings and Investments S.à.r.l. ("Zebra"), two companies controlled by a trust settled by the late Adolf H. Lundin, and as such joint actors, both incorporated under the laws of Luxembourg, 40, Boulevard Grande Duchesse Charlotte, L-1330 Luxembourg, announced today that the 19,867,000 subscription receipts ("SRs") of Bluestone Resources Inc. ("Bluestone" or the "Company") (TSX-V: BSR) they had previously acquired on April 20, 2017 at Can$1.50 per SR have now been converted into 19,867,000 common shares of the Company for no additional consideration. The conversion follows Bluestone's Press Release dated May 31, 2017 announcing that the Company had closed the acquisition of the Cerro Blanco Project and the Mita Geothermal Project located in Guatemala from Goldcorp Inc., effective May 31, 2017. This concurrently triggered the release from escrow of the proceeds of the previously completed Can$80 million private placement financing.

Prior to the conversion of the SRs, Lorito and Zebra collectively owned no common shares or 0% of the then issued and common shares of Bluestone. Following the conversion of the SRs, Lorito now holds 6,367,000 common shares or approximately 10.07% and Zebra now holds 13,500,000 common shares or approximately 21.34% of the issued and outstanding post-consolidated common shares of Bluestone. Collectively, Lorito and Zebra now hold and control 19,867,000 common shares or approximately 31.41% of the currently issued and outstanding common shares of the Company.

Lorito and Zebra are joint actors with respect to their common shares of Bluestone which were acquired for investment purposes. Each of Lorito and Zebra may from time to time increase or decrease their investment in the shares of Bluestone depending upon the business and prospects of Bluestone and depending upon future market conditions.

A copy of the Early Warning Report filed pursuant to National Instrument 62-103 may be obtained from Sandy Kansky, 1-604-806-3574.

Contact Information

  • Aksel Azrac
    Telephone Number: 011 41 22 595 1875