SOURCE: Rich Stone Mining Investment (Hong Kong) Ltd.

January 23, 2015 19:12 ET

Rich Stone Acquires Ownership of Oracle Mining Shares

VANCOUVER, BC--(Marketwired - January 23, 2015) - Rich Stone Investment (Hong Kong) Limited ("Rich Stone"), today announced that on December 17, 2014, it acquired ownership of 16,036,035 common shares of Oracle Mining Corp. ("Oracle"). The common shares acquired represent approximately 25% of the total number of issued and outstanding common shares of Oracle (the "Common Shares"). The acquisition took place pursuant to the terms, as amended, of a secured convertible loan agreement dated November 12, 2013, as amended on May 13, 2014, between Oracle and Rich Stone for $10,180,000 (the "Rich Stone Loan"). Rich Stone acquired 13,333,333 Common Shares at a conversion price of CAD $0.30 per Common Share and 2,702,702 Common Shares at a conversion price of CAD$0.37 per Common Share.

Rich Stone now owns, directly or indirectly, or exercises control or direction over, a total of 23,836,035 Common Shares, representing approximately 37% of the total number of the then issued and outstanding Common Shares.

Rich Stone may, in the future, acquire ownership and control over additional securities of Oracle for investment purposes.

Contact Information

  • For more information, or to obtain a copy of the subject early warning report, please contact:

    Rich Stone Investment (Hong Kong) Limited
    0903-0905 Tower A Pangu District
    No. 27 North Fourth Ring
    Middle Road Chaoyang District
    Beijing, China

    Telephone: 86-10-64405356
    Facsimile: 86-10-64405006