Shares Outstanding: 47 Million
Symbol & Exchange: BNT.V
MONTREAL, Sept. 10 /CNW Telbec/ - Blue Note Mining Inc. ("Blue Note")
reports that it has amended the terms of its private placement previously
announced on September 2, 2009. Blue Note intends to raise up to 3,500,000
Flow-Through Units at $0.20 per unit consisting of one Flow-Through common
share and one common share purchase warrant for gross proceeds of up to
$700,000; and up to 2,500,000 Non Flow-Through Units at $0.20 consisting of
one common share and one common share purchase warrant for gross proceeds of
up to $500,000, for a total private placement of up to $1,200,000.
Each Non Flow-Through unit will consist of one common share along with a
full common share purchase warrant, each warrant being exercisable at $0.25
expiring 2 years from closing. Each Flow-Through Unit will consist of one Flow
Through common share along with a full common share purchase warrant, each
warrant being exercisable at $0.26 expiring 2 years from closing.
Proceeds from the sale of the Flow-Through common shares will be used to
fund exploration work on Blue Note's gold properties located in Northern New
Brunswick. Blue Note has an option to acquire a 100% interest in the Williams
Brook gold property which will be the focus of the planned work. Blue Note
also holds a 100% interest in over 400 square kilometers of mineral claims in
the region surrounding the Williams Brook property that are considered
prospective for new gold discoveries. Proceeds from the sale of the Non
Flow-Through units will be used for working capital purposes.
As previously announced, Blue Note made a gold discovery on its Williams
Brook property in late 2008. Drill hole WB-08-11 returned 2.8 meters assaying
11.2 grams of gold per tonne including a half meter section assaying 24.1
grams of gold per tonne. The gold mineralization was intersected 15 meters
vertical from surface.
Two types of gold mineralization were identified on the property. The
highest gold values, including those found in hole WB-08-11, were found in
quartz veins and heavily quartz-veined rhyolite. In addition, gold
mineralization was found to be associated with disseminated pyrite in broad
alteration zones that grade up to 0.91 grams per tonne over an estimated true
width of 23.3 meters. Please consult Blue Note's press release of December 10,
2008 for more details.
Closing of the offering is subject to the receipt of standard regulatory
approval of the TSX Venture Exchange. The securities to be issued are subject
to a statutory hold period of four months and one day from closing.
Blue Note may pay commissions and finders' fees in conjunction with the
Arthur Hamilton, P.Geo., Regional Exploration Manager, Blue Note Mining
Inc. is a Qualified Person and has reviewed the technical information
contained in this press release.
Blue Note Mining is a Canadian mineral exploration and mining company
headquartered in Montreal. The company's shares trade on the TSX Venture
Exchange under the symbol BNT.
This news release contains discussion of items that may constitute
forward-looking statements within the meaning of securities laws that involve
risks and uncertainties. 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.
Factors that could cause actual results to differ materially from expectations
include the effects of general economic conditions, actions by government
authorities, uncertainties associated with contract negotiations, additional
financing requirements, market acceptance of the Company's products and
competitive pressures. These factors and others are more fully discussed in
Company filings with Canadian securities regulatory authorities.
The TSX Venture does not accept responsibility for the adequacy or
accuracy of this news release.
For further information:
For further information: Glenn Massad, Vice President, Investor
Relations, Blue Note Mining, (800) 937-3095 x230, firstname.lastname@example.org;