Blue Note Closes Private Placement
27 December 2011 - 5:55AM
PR Newswire (Canada)
MONTREAL, Dec. 28, 2011 /CNW Telbec/ - Blue Note Mining Inc. ("Blue
Note" or the "Company") announces that it has closed a non brokered
private placement (the "Private Placement") of 7,500,000
flow-through shares at a price of $0.08 each for gross proceeds of
$600,000. These securities were issued pursuant to applicable
prospectus exemptions and will be subject to a statutory hold
period of four months and one day from closing expiring April 24,
2012. Closing of the Private Placement remains subject to the
approval of the TSX Venture Exchange. In connection with the
Private Placement, a $36,000 cash finder's fee has been paid to
Industrial Alliance Securities. The net proceeds from the Private
Placement will be used to advance Blue Note's projects located in
the Provinces of Quebec and New Brunswick, which will constitute
Canadian exploration expenses (as defined in the Income Tax Act
(Canada)) and will be renounced for the 2011 tax year. About Blue
Note Mining Blue Note Mining is a mineral exploration and mining
company headquartered in Montreal with properties located in known
gold regions of Canada, including the prolific Val-d'Or region of
Quebec and northern New Brunswick. Forward-Looking Statements This
news release contains discussion of items that may constitute
forward-looking statements within the meaning of securities laws
that involve risks and uncertainties. Such statements include those
with respect to the Company's use of funds under the Private
Placement. Although the Company believes the expectations reflected
in such forward-looking statements are based on reasonable
assumptions, it can give no assurances that its expectations will
be achieved. Such assumptions, which may prove incorrect, include
the following: (i) Blue Note's management will not identify and
pursue other business objectives using the proceeds of the Private
Placement and (ii) the price of gold will remain sufficiently high
and the costs of advancing the Company's gold projects sufficiently
low so as to permit Blue Note to implement its business plans in a
profitable manner. Factors that could cause actual results to
differ materially from expectations include (i) the Company's
failure to make effective use of the proceeds of the Private
Placement, (ii) the failure of the Company's drilling projects, for
technical, logistical, labour-relations or other reasons, (iii) the
Company's inability to obtain the necessary regulatory approvals
for the Private Placement, (iv) a decrease in the price of gold
below what is necessary to sustain the Company's operations, (v) an
increase in the Company's operating costs above what is necessary
to sustain its operations, (vi) accidents, labour disputes or the
materialization of similar risks, (vii) a deterioration in
capital market conditions that prevents the Company from raising
the funds it requires on a timely basis and (viii) generally, the
Company's inability to develop and implement a successful business
plan for any reason. These factors and others are more fully
discussed in the Company's filings with Canadian securities
regulatory authorities available at www.sedar.com. Actual results
may vary from the forward-looking information. "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." BLUE
NOTE MINING INC. CONTACT: Jean MayerExecutive Vice President(800)
937-3095 x236jmayer@bluenotemining.cawww.bluenotemining.ca
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