Blackstone Ventures Completes Sale of Kenbridge Nickel Project to Canadian Arrow Mines Ltd.
16 Febrero 2011 - 4:13PM
Marketwired
Blackstone Ventures Inc. (TSX VENTURE: BLV) ("Blackstone" or the
"Company") is pleased to announce that it has agreed to terms on
which Canadian Arrow Mines Ltd. ("Canadian Arrow") will acquire a
100% undivided interest in Blackstone's interest in the Kenbridge
nickel project in Ontario.
Pursuant to the terms of the original letter agreement dated
September 13th, 2006 Canadian Arrow has issued to Blackstone
2,500,000 units in its capital stock and incurred over $9,000,000
in exploration expenditures on the Kenbridge property. Also
pursuant to the agreement, Canadian Arrow was required to make a
final payment to Blackstone of $1,000,000 by December 31, 2012.
Canadian Arrow and Blackstone have now agreed that, subject to the
necessary regulatory approvals, such payment will be replaced with
a cash payment in the amount of $250,000 plus the issuance of the
$250,000 of units ("Units") of Canadian Arrow. Each Unit will be
issued at a deemed issue price of $0.0776 and will consist of one
common share of Canadian Arrow and one common share purchase
warrant. Each warrant entitles Blackstone to purchase one
additional common share at a price of $0.10 for a period of two
years.
On behalf of Blackstone Ventures Inc.
Donald McInnes, Chairman
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.
Neither 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.
Contacts: Blackstone Ventures Inc. Investor Relations
604-687-3929 604-682-3727 www.blv.ca
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