VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 27, 2014) - Bluestone Resources Inc. (TSX VENTURE:BSR) (the "Company")
Loan in Default
With respect to the loan to the Company in the amount of $130,000 (the "Loan") announced on December 18, 2013, John Robins, the President and CEO of the Company (the "Lender"), has delivered a notice of default to the Company requiring full repayment of the Loan.
The Directors, independent from the loan, (the "Independent Directors") have determined that the Company is not in a financial position to repay the Loan, and requested an additional extension of the maturity date to allow time to find a suitable financing alternative. The request for an extension has been denied by the Lender.
The Loan is secured by the Company's Richardson Property, Alaska. Upon further discussion, the Lender has agreed that upon transfer of the Richardson Property pursuant to the exercise of the security under the Loan, the outstanding Loan will be extinguished in full, including all outstanding interest. The Lender has also agreed to assume all outstanding fees owed to the Alaska government with respect to the property, in the sum of approximately USD$25,000. The Independent Directors have concluded this is the best course of action for the Company.
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 may include "forward-looking information", including statements 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.
For further information about Bluestone Resources Inc.
or this news release, please visit our website at www.bluestoneresources.ca
FOR FURTHER INFORMATION PLEASE CONTACT:
Bluestone Resources Inc.
604.646.4527 or Toll Free: 1.888.331.2269
Source: Bluestone Resources Inc.