Black Panther Announces Closing of Non-Brokered Private Placement
News Release No: 15-04
Trading symbols: TSX-V: BPC
Frankfurt: BP4
Black Panther Announces Closing of Non-Brokered Private Placement
West Vancouver, British Columbia – April 2, 2015 – Black Panther Mining Corp. (the “Company” or “Black Panther”) announces that, further to its news releases dated January 19, 2015 and March 20, 2015, the Company has completed the first tranche of its non-brokered private placement offering (the “Offering”) raising gross proceeds of $200,000 by the issuance of 4,000,000 non-flow through units (the “Units”) at a price of $0.05 per Unit. Each Unit consists of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share for a period of two years at an exercise price of $0.10. The Company’s intends to close the final tranche of the Offering shortly.
The Company intends to use the proceeds from the Offering for working capital purposes and to investigate certain potential business opportunities.
All securities issued in the Offering are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation, expiring on August 3, 2015. Closing of the Offering is subject to final approval of the TSX Venture Exchange.
Mehrun Payravi purchased 3,000,000 Units for investment purposes pursuant to the Offering. Following closing of the Offering, Mr. Payravi holds 3,000,000 common shares representing approximately 18.77% of the outstanding common shares of the Company, and 3,000,000 share purchase warrants, that, if exercised, would result in Mr. Payravi holding approximately 31.61% of the Company’s then issued and outstanding common shares, assuming no other shares of the Company are issued. Mr. Payravi acquired these Units for investment purposes and may, from time to time, acquire additional securities of the Company or dispose of such securities as he may deem appropriate. For the purposes of National Instrument 62-103 early warning reporting, the address of Mr. Payravi is 2489 Bellevue Avenue, West Vancouver, British Columbia V7V 1E1. A copy of the early warning report being filed by Mr. Payravi may be obtained by contacting the Company at (604) 922-2030.
Andrzej Kowalski purchased 1,000,000 Units for investment purposes pursuant to the Offering. Following closing of the Offering, Mr. Kowalski holds 1,035,000 common shares representing approximately 6.48% of the outstanding common shares of the Company, 1,000,000 share purchase warrants to be exercised into 1,000,000 common shares of the Company and 25,000 stock options to be exercised into an additional 25,000 common shares of the Company. Assuming the exercise of the warrants and options, Mr. Kowalski would hold approximately 12.11% of the Company’s then issued and outstanding common shares, assuming no other shares of the Company are issued. Mr. Kowalski acquired these Units for investment purposes and may, from time to time, acquire additional securities of the Company or dispose of such securities as he may deem appropriate. For the purposes of National Instrument 62-103 early warning reporting, the address of Mr. Kowalski is 2489 Bellevue Avenue, West Vancouver, British Columbia V7V 1E1. A copy of the early warning report being filed by Mr. Kowalski may be obtained by contacting the Company at (604) 922-2030.
A director of the Company acquired Units under the Offering. Such participation is considered to be a “related party transaction”, as defined under Multilateral Instrument 61-101 (“MI 61-101”). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(b) of MI 61-101 in respect of such insider participation.
In connection with the closing of the private placement, Mr. Payravi has agreed to join the Board of Directors.
For further information, contact Mr. Clive Shallow, Shareholder Communications, at 604-922-2030, or visit the Company’s website at www.blackpanthermining.com.
BLACK PANTHER MINING CORP.
“Douglas L. Mason”
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Douglas L. Mason, President and CEO
FORWARD LOOKING STATEMENTS
This release may contain forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.