Black Panther Closes Private Placement
News Release No: 11-08
Trading symbols:
TSX-V: BPC Frankfurt: BP4
Black Panther Closes Private Placement
West Vancouver, British Columbia – September 19, 2011 – Black Panther Mining Corp. (the “Company” or “Black Panther”) is pleased to announce that, further to its news release dated August 3, 2011, the Company has closed its non-brokered private placement (the “Private Placement”). The Company has raised $425,850 by the issuance of 5,010,000 non-flow through units (the “Units”) at a price of $0.085 per Unit. Each Unit consists of one common share and one-half of a share purchase warrant, with each whole warrant entitling the holder to purchase an additional common share for a period of 24 months at an exercise price of $0.11 in the first 12 months and $0.15 thereafter. In connection with the Private Placement, finders’ fees were paid in the amount of $35,113.50 ($30,523.50 in cash and $4,590 through the issuance of 54,000 Units). All of the securities issued pursuant to this Private Placement are subject to a hold period expiring on January 17, 2012.
The Company intends to use the proceeds from this Private Placement for general working capital and for furthering the exploration of the Company’s Voisey’s Bay (copper, nickel, cobalt) property in Labrador (the “1506 Property Project”). The Company’s core drill program of up to 1,200 metres (which is presently underway) has been designed to test at least six significant VTEM (versatile time domain electromagnetic) geophysical anomalies. These VTEM geophysical anomalies were discovered as a result of Black Panther’s VTEM program on the 1506 Property that was completed in 2009.
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, Director
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