2020 News

Ridgestone Mining Inc. (TSX.V: RMI) (OTCQB: RIGMF) ("Ridgestone Mining") is pleased to announce that it intends to complete a non-brokered private placement financing for gross proceeds of up to $1,050,000 (the "Financing"), which is expected to consist of up to 7,000,000 units (each, a "Unit"), with each Unit comprised of one common share and one-half of one common share purchase warrant (each whole warrant, a "Warrant") at a price of $0.15 per Unit, or such other price per unit determined by Ridgestone Mining management in compliance with TSX Venture Exchange (the "Exchange") pricing regulations.  Each Warrant will be exercisable for one additional common share of Ridgestone Mining at a price of $0.30 per share for a period of twelve months following the closing of the Financing.

The expiry of the Warrants may be accelerated by Ridgestone Mining at any time following the date that is four months and one day from closing of the Financing (the "Closing Date"), and prior to the expiry date of the Warrants if, at any time following the Closing Date, the closing price of Ridgestone Mining's common shares on the Exchange is equal to or exceeds $0.45 for any 10 consecutive trading days. In such event, Ridgestone Mining may accelerate the expiry date of the Warrants by giving notice to holders of Warrants and issuing a news release announcing the reduced Warrant term whereupon the Warrants will expire on the 10th calendar day after the date of such news release.

Ridgestone Mining intends to pay finder’s fees of up to 6% in cash and 6% in finder's warrants in connection with the Financing.  Certain directors, officers and insiders of Ridgestone may participate in the Financing.  Net proceeds from the Financing are expected to be used for ongoing working capital requirements relating to the Rebeico gold-copper project in Sonora, Mexico.

Completion of the Financing is subject to Exchange acceptance, and all securities issued pursuant to the Financing will be subject to a hold period of four months as required under applicable securities legislation.

The securities referred to herein will not be or have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

About Ridgestone Mining Inc.

Ridgestone Mining is a TSX Venture Exchange-listed junior mineral exploration company with offices in Vancouver, B.C. and Taipei.  Ridgestone Mining's focus is on precious metals and copper in Sonora, Mexico, and specifically the Rebeico Gold-Copper project.

For further information, please contact:
MarketSmart Communications Inc.
Telephone:  877-261-4466
info@marketsmart.ca

This news release contains forward-looking statements or information (collectively referred to herein as "forward-looking statements"). Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of the Company. In this news release such statements include but are not limited to any ongoing drilling programs or exploration results, or any results from the MarketSmart program. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including those described in the Company's regulatory filings available on www.sedar.com. Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. Readers are cautioned that the foregoing list of risks, uncertainties and other factors is not exhaustive.  Unpredictable or unknown factors not discussed could also have material adverse effects on forward-looking statements. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent on other factors, and the Company's course of action would depend on its assessment of the future considering all information then available. All forward-looking statements in this news release are expressly qualified in their entirety by these cautionary statements. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

Neither 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 release.

 

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