Orestone Announces Update Regarding Previously Announced Non-Brokered Private Placement
Vancouver, May 23, 2025 - Orestone Mining Corp. (TSXV: ORS) (FSE: O2R2) (the "Company") is pleased to announce an update to its non-brokered private placement previously announced April 24, 2025, consisting of up to 13,333,333 units ("Units") at a price of $0.045 per Unit for aggregate gross proceeds of up to $600,000 (the "Offering").
The Offering is now expected to close on or about May 28, 2025, or such later date as the Company may determine. Closing will be subject to receipt of conditional approval by the TSX Venture Exchange.
The Company intends to use the net proceeds from the Offering to (i) develop its Francisca property located in Salta Province, Argentina (representing approximately 40% of the net proceeds), (ii) to pay the debts owing and outstanding to certain non-arm's length parties (representing approximately 17% of the net proceeds), and (iii) for general administrative expenses and working capital purposes (representing approximately 43% of the net proceeds).
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities within any jurisdiction, including the United States.
About Orestone
Orestone Mining Corp. is a Canadian based company with an internationally experienced management team. The Board of Directors and management team have experience in all aspects of the mining business having been involved in numerous corporate and project level successes. Orestone's property portfolio includes exposure to gold, silver and copper on projects located in Canada and Argentina. Our near term objective on the Francisca property, located in Salta, Argentina is to define an oxide gold deposit mineable by open pit and amenable to low cost heap leach gold recovery methods. The Company's 100 percent owned Captain gold-copper project, located in BC hosts a large gold dominate porphyry system that is permitted and drill ready. The Las Burras property in Argentina provides large scale copper exposure. All three projects are road accessible and suitable for exploration year-round. For more information please visit: www.orestone.ca
ON BEHALF OF ORESTONE MINING CORP.
David Hottman
CEO
For further information contact: David Hottman at 604-629-1929 info@orestone.ca
Neither the 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 news release. This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward looking statements concern closing of the Offering, net proceeds from the Offering and the intended use of proceeds. Such forward looking statements or information are based on a number of assumptions which may prove to be incorrect. Assumptions have been made regarding, among other things: availability of funds to complete the Offering, conditions in general economic and financial markets; timing and amount of capital expenditures; effects of regulation by governmental agencies and receipt of necessary Exchange approvals. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors including: the availability of funds; the timing and content of work programs; results of exploration activities of mineral properties; the interpretation of drilling results and other geological data; and general market and industry conditions. Forward looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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