Black Panther Closes Private Placement
News Release No: 12-04
Trading symbols:
TSX-V: BPC Frankfurt: BP4
Black Panther Closes Private Placement
West Vancouver, British Columbia – August 16, 2012 – Black Panther Mining Corp. (the “Company” or “Black Panther”) is pleased to announce that, further to its news release dated June 25, 2012, the Company has closed tranche 1 of its non-brokered private placement (the “Private Placement”). The Company has raised $50,000 by the issuance of 600,000 flow through shares (the “Shares”) at a price of $0.05 per Share and the issuance of 400,000 non-flow through units (the “Units”) at a price of $0.05 per Unit. Each Unit consists of one non-flow through common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional non-flow through common share for a period of two years at an exercise price of $0.10. In connection with this Private Placement, finders’ fees were paid in the amount of $2,000 (paid by the issuance of 40,000 Units) and, as well, 40,000 finders’ warrants were issued. All of the securities issued pursuant to this Private Placement are subject to a hold period expiring on December 16, 2012.
The Company plans to announce tranche 2 of its private placement in early September, 2012 and intends to use the proceeds from tranche 1 for completion of geophysics on the Company’s Olsen gold exploration property project in Ontario. The anticipated proceeds from tranche 2 will be used for a planned drilling program on certain previously identified targets.
For further information, contact Mr. Clive Shallow, Shareholder Communications, at 604-922-2030, Robert A. Young, Investor Relations, at 604-682-5123 or visit the Company’s website at www.blackpanthermining.com.
BLACK PANTHER MINING CORP.
“Douglas L. Mason”
_________________________________ Douglas L. Mason, Chief Executive Officer
Neither the 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