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| | Wed Jul 9, 2008
Blackstone Closes $5.7 Million Brokered Private Placement
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| | Blackstone Ventures Inc. (BLV -- TSXV) ("Blackstone" or the "Company") is pleased to announce that it has closed the brokered private placement previously announced on June 6, 2008 and raised gross proceeds of $5,712,600. The private placement, which was completed with a syndicate of investment dealers led by Versant Partners Inc. (the "Lead Agent") and which included Dundee Securities Corporation and Toll Cross Securities Inc. (the "Agents"), was oversubscribed as a result of the Agents exercising their over-allotment option to increase the size of the offering from $5,000,000 to $5,712,600.
The Company issued 12,694,665 units at a price of $0.45 per unit (the "Units"), with each Unit consisting of one common share and one half of one common share purchase warrant. Each full warrant entitles the holder to purchase one additional common share at a price of $0.55 until July 9, 2010. The Company paid the Agents a cash commission of $277,656 and issued compensation warrants entitling the Agents to purchase an aggregate of 617,013 Units at a price of $0.45 per Unit until July 9, 2010. In addition, the Lead Agent was paid a $35,000 corporate finance fee.
All of the securities issued by the Company are subject to a four month hold period which expires on November 10, 2008.
The net proceeds of the private placement will be used to fund further development of the Company's Scandinavian nickel and VMS exploration projects and for general working capital.
For further information on Blackstone, please contact Troy Winsor (1-800-663-8072) or Robert Carriere at 604-687-3929 or visit the Blackstone website at http://www.blv.ca.
On behalf of Blackstone Ventures Inc.
"Dean MacEachern"
Dean MacEachern, President
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. |
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