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VANCOUVER, Nov. 4, 2011 /CNW/ - Stone Resources Ltd. (TSX-V: SRH)
("Stone" or the "Company") is pleased to announce that is has completed
the first tranche of its previously-announced private placement of
98,551,482 common shares ("Common Shares") at a price of CDN$0.15 per
Common Share for gross proceeds of CDN$14,782,722.30 (the "Private
Placement"). Upon completion of the first tranche of the Private
Placement, Stone has 326,724,191 Common Shares outstanding. The second
tranche of the Private Placement is expected to close in November,
The proceeds of the Private Placement were used to fund the previously
announced acquisition of a majority of the shares of A1 Minerals Ltd.
("A1"), a company listed on the Australian Securities Exchange (the "A1
Acquisition"). Upon the closing of the A1 Acquisition today, Stone
obtained majority control of A1 on an undiluted basis.
The Common Shares issued under the Private Placement are subject to a
four-month hold period, ending March 4, 2012.
On behalf of the Board,
About Stone Resources Limited
Stone Resources Limited is a company incorporated in Bermuda and listed
on the TSX Venture Exchange in Canada. The Company is involved with
mineral resources exploration and development. Stone Resources plans to
expand and develop its business using its effective team of experts in
exploration, geology, metallurgy, mine engineering, law and finance.
Cautionary Statement on Forward-Looking Statements
The information in this document contains certain forward-looking
statements with respect to the Private Placement. Although management
has a reasonable basis for the conclusions drawn, risk factors and
uncertainties may cause actual results to differ materially from those
currently anticipated in such statements. These risks and uncertainties
relate to such factors as the ability of the Company to complete the
second tranche of the Private Placement as expected or at all. In view
of these uncertainties we caution readers not to place undue reliance
on these forward-looking statements. Statements made in this document
are made as of the date hereof and the Company disclaims any intention
or obligation to update or revise any statements made herein, except in
accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Stone Resources Limited
For further information:
Vice-President and Corporate Secretary
+1 (604) 303-9070