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Lorito Holdings S.à.r.l. Acquires Common Shares of Bluestone Resources Inc.

Luxembourg, May 1, 2020 /CNW/ - Lorito Holdings S.à.r.l. ("Lorito"), Zebra Holdings and Investments S.à.r.l. ("Zebra") and Nemesia S.à.r.l., three companies controlled by a trust settled by the late Adolf H. Lundin, and as such joint actors, all incorporated under the laws of Luxembourg, 40, Boulevard Grande Duchesse Charlotte, L-1330 Luxembourg, announced today that Lorito has acquired ownership and control of 10,415,000 common shares ("Common Shares") of Bluestone Resources Inc. ("Bluestone" or the "Company") (TSX-V:BSR.V - News) at Cdn$1.75 per common shares representing approximately 19.81% of the total size of the issue. The 10,415,000 shares were acquired pursuant to an underwritten public offering announced by the Company on April 23, 2020 for a total consideration of Cdn$18,226,250.

Prior to the Offering, Lorito owned 9,501,959 common shares or approximately 11.40%, Zebra owned 17,976,262 common shares or approximately 21.58%, and Nemesia owned 85,000 common shares or approximately 0.10% of the then issued and outstanding shares of Bluestone. With the acquisition of the 10,415,000 common shares by Lorito, its holdings now amount to 19,916,959 common shares or approximately 14.66%, Zebra continues to hold 17,976,262 common shares or approximately 13.23%, and Nemesia continues to hold 85,000 common shares or approximately 0.06% of the issued and outstanding common shares post-closing. Collectively, Lorito, Zebra and Nemesia now own and control 37,978,221 common shares or approximately 27.95% of the issued and outstanding common shares of the Company.

In addition, Lorito and Zebra hold 751,979 warrants and 1,422,631 warrants respectively and Nemesia holds no warrants of the Company. Jointly, Lorito, Zebra and Nemesia now hold a total of 2,174,610 warrants exercisable into the same number of common shares of the Company which, if exercised, translates into total holdings of 40,152,831 Common shares for the three joint actors or approximately 29.08% of the Company's issued and outstanding Common Shares post-closing and on a partially diluted basis.

Lorito, Zebra and Nemesia are joint actors with respect to their common shares of Bluestone acquired for investment purposes. Each of Lorito and Zebra may from time to time increase or decrease their investment in the shares of Bluestone depending upon the business and prospects of Bluestone and depending upon future market conditions.

A copy of the Early Warning Report filed pursuant to National Instrument 62-103 may be obtained from Sandy Kansky, 1-604-806-3574.

SOURCE Lorito Holdings S.à.r.l.

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