VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/13/12 -- Orestone Mining Corp. (TSX VENTURE: ORS) ("the Company") announces that the Company will hold an annual general meeting of the shareholders (the "Meeting") on Monday, September 10, 2012. In addition to the annual matters to be acted upon, as set forth in the Notice of the Meeting dated August 13, 2012, the Company will seek shareholder approval to consolidate the Company's common shares ("Common Shares") on the basis of one (1) post-consolidation Common Share for every four (4) pre-consolidation Common Shares or at such lower consolidation ratio as may be required by the TSX Venture Exchange (the "Share Consolidation").
It is management's view that the Share Consolidation will benefit the Company by increasing investor interest, improving trading liquidity and improving the Company's ability to raise additional capital and at a higher price per share.
As at the date hereof, there are an aggregate of 65,589,313 Common Shares issued and outstanding. It is expected that, upon completion of the Share Consolidation, there will be an aggregate of approximately 16,397,328 Common Shares issued and outstanding.
The Company will not proceed with the non-brokered private placement announced on May 16, 2012.
This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.
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.
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