Welcome To The Blue Note Mining HUB On AGORACOM

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.

Message: Blue Note Closes $436,400 Financing
Blue Note Closes $436,400 Financing

Jan. 21, 2011 (Canada NewsWire Group) --

MONTREAL, Jan. 21 /CNW Telbec/ - Blue Note Mining Inc. (TSXV: BNT) ("Blue Note" or the "Company") announces that it has closed a non-brokered private placement (the "Private Placement ") of 2,333,333 flow-through shares at a price of $0.15 each for gross proceeds of $350,000 and 720,000 units, each at a price of $0.12 and comprised of one common share and one common share purchase warrant for gross proceeds of $86,400. Each warrant entitles the holder to acquire one common share at $0.25 for a period of 24 months following the closing of the Private Placement. In the event that the common shares of Blue Note trade at $0.40 or higher (on a volume weighted adjusted price) for a period of 15 days after the date that is 4 months from closing, Blue Note will have the option to accelerate the expiry date of the warrants to 30 days from notice to warrants holders of such accelerated expiry date.

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. Closing of the Private Placement remains subject to the approval of the TSX Venture Exchange. The Company has paid an intermediary $6,048 as finder's fee from the gross proceeds of the Private Placement.

The net proceeds from the Private Placement of the common shares shall be used for working capital and for general corporate purposes. The net proceeds from the Private Placement of the flow-through shares will be used to explore the Company's Qu├ębec properties, which will constitute Canadian exploration expenses (as defined in the Income Tax Act (Canada)) and be renounced by the Company effective on or before December 31, 2011.

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.

New Message
Please login to post a reply