Blue Note Mining Closes $700,000 First Tranche Financing with the
MineralFields Group


    
    Shares Outstanding: 47 Million
    Symbol & Exchange: BNT.V
    
</pre>
<p/>
<p><location>MONTREAL</location>, <chron>Sept. 18</chron> /CNW Telbec/ - Blue Note Mining Inc. (TSXV: BNT) ("Blue Note" or the 'Company") is pleased to announce that it has closed the first tranche of the non-brokered private placement announced on <chron>September 10, 2009</chron> through the sale of 3,500,000 Flow-Through Units ("FT Units") at <money>$0.20</money> per unit to the MineralFields Group for total gross proceeds of <money>$700,000</money>. Each FT Unit consists of one flow-through common share along with a full common share purchase warrant, each warrant being exercisable at <money>$0.26</money> expiring 2 years from closing.</p>
<p>Conditional acceptance to this private placement was issued by the TSX Venture Exchange on <chron>September 16, 2009</chron>.</p>
<p>"We are very pleased to be entering into this relationship with MineralFields Group", said Michael C. Judson, President and Chief Executive Officer of Blue Note. "This is an important milestone in the growth of Blue Note and we look forward to working with MineralFields Group as we develop our <person>Williams Brook</person> gold property in Northern <location>New Brunswick</location>."</p>
<p>With respect to the <money>$700,000</money> investment by MineralFields Group, Limited Market Dealer Inc. obtained a finder's fee of 5% in cash and options equal to 10% of the number of units subscribed for on the same terms as the FT Units, at an exercise price of <money>$0.20</money> per option for a period of 24 months. Each option consists of one flow-through common share along with a full common share purchase warrant, each warrant being exercisable at <money>$0.26</money> expiring 2 years from closing. All of the securities issued pursuant to this offering will have a hold period until <chron>January 19, 2010</chron>.</p>
<p/>
<p>About Blue Note Mining</p>
<p/>
<p>Blue Note Mining is a Canadian mineral exploration and mining company headquartered in <location>Montreal</location>. The company's shares trade on the TSX Venture Exchange under the symbol BNT.</p>
<p/>
<p>About MineralFields, Pathway and First Canadian Securities (R)</p>
<p/>
<p>MineralFields Group (a division of Pathway Asset Management), based in <location>Toronto</location> and <location>Vancouver</location>, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout <location>Canada</location> as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at <a href="http://www.mineralfields.com">www.mineralfields.com</a>. First Canadian Securities (R) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities (R).</p>
<p/>
<pre>
    
    Forward-Looking Statements
    --------------------------
    
</pre>
<p/>
<p>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.</p>
<p/>
<pre>
    
    The TSXVenture 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, gmassad@bluenotemining.ca, www.bluenotemining.ca

Organization Profile

Blue Note Mining Inc.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890