|By Marketwired .||
|July 8, 2014 04:33 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/08/14 -- Bluestone Resources Inc. (TSX VENTURE: BSR) (the "Company") -
The Company has arranged a new $150,000 non-convertible loan (the "Loan") between John Robins, the President and CEO of the Company (the "Lender"). This new Loan has been reviewed and accepted by the Company's directors, independent from the Loan, and will be non-convertible, bear interest at the rate of 12% per annum to the date of repayment, calculated and compounded quarterly, and will mature on October 31, 2014. In consideration for the Loan, the Company will issue 600,000 bonus shares to the Lender, based on 20% of the face value of the Loan in accordance with Exchange policy. The Loan will contain provisions related to default by Bluestone and remedies available to the Lender.
The loan for $100,000 announced on March 28th, 2014 was not ratified by the parties and is superseded by this new Loan.
Proceeds from the Loan will be used to provide short-term working capital.
The new Loan transaction will be subject to the approval of the TSX Venture Exchange.
About Bluestone Resources Inc.:
Bluestone Resources Inc. is a Canadian exploration company focused on the discovery and development of economic mineral deposits. Founded in 2004, the Company has assembled a team with the business acumen and technical expertise to identify and advance undervalued mineral exploration projects world-wide.
On behalf of the Board, Bluestone Resources Inc.
James Paterson, Director
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 release.
This press release includes "forward-looking information" including statements regarding the adoption of the Advance Notice Policy that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking information. Such forward-looking information represents management's best judgment based on information currently available. The Company does not assume the obligation to update any forward-looking information, except as required by applicable law.
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