Capital Black Point Inc.

Mistral Pharma Inc.

Mistral Pharma Inc.

March 08, 2005 21:45 ET

Black Point Capital Announces the Filing of an Amended and Restated Preliminary Prospectus


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BLACK POINT CAPITAL INC.

TSX VENTURE SYMBOL: BPL.P

MARCH 8, 2005 - 21:45 ET

Black Point Capital Announces the Filing of an Amended
and Restated Preliminary Prospectus

MONTREAL, QUEBEC--(CCNMatthews - March 8, 2005) - Black Point Capital
Inc. ("Black Point") (TSX VENTURE:BPL.P) announces today that it has
received a receipt for its amended and restated preliminary prospectus
filed on March 8, 2005 to qualify the issuance of units for a minimum
amount of $2.5 million and a maximum of $5 million. Each unit will be
comprised of one Black Point common share and one common share purchase
warrant. Each common share purchase warrant will allow its holder to
purchase one common share of Black Point for a period of 18 months from
the issue date.

The amended and restated preliminary prospectus has been filed to
provide that the units will now be offered at a price of $0.20 each and
to increase the minimum and maximum number of units being offered. The
exercise price of the warrants will be 0.30$ per share.

Canaccord Capital Corporation, First Associates Investments Inc. and
Jennings Capital Inc. have agreed to act as agents for this proposed
financing.

The proposed financing will be completed concurrently with the
amalgamation of Black Point and Mistral Pharma Inc. ("Mistral") pursuant
to the amalgamation agreement entered into on December 16, 2004 (the
"Amalgamation"). The Amalgamation is expected to constitute a
"Qualifying Transaction" for Black Point as defined in Policy 2.4 of the
TSX Venture Exchange (the "Exchange") Corporate Finance Manual. A
detailed press release describing Mistral and the particulars of the
Amalgamation was published on October 6, 2004.

The net proceeds arising from this prospectus offering, together with
the funds available totaling approximately $1,865,000, will be used for
the following purposes: (i) approximately $3,000,000 ($4,500,000 in the
case of the maximum offering) for research and development and (ii) the
balance for business development and working capital purposes.
Accordingly, it is anticipated that the corporation resulting from the
Amalgamation will have sufficient financial resources to carry on
business for the next 24 months.

The agents will receive a cash remuneration equal to 8% of the gross
proceeds of the issue, a two year option to purchase a number of common
shares equal to 8% of the number of units issued pursuant to the
prospectus, as well as 250,000 common shares.

Trading of Shares Halted

Black Point sought and obtained from the Exchange that trading in its
common shares remains halted until the date of completion of the
Amalgamation.

Completion of the Qualifying Transaction is subject to a number of
conditions, including, but not limited to, regulatory and Exchange
acceptance, Black Point shareholder approval, Mistral shareholder
approval and completion of the proposed public offering. The transaction
cannot close until the required regulatory approvals pursuant to laws,
regulations and applicable policies are obtained. There can be no
assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management
information circular to be prepared in connection with the transaction,
any information released or received with respect to the transaction may
not be accurate or complete and should not be relied upon. Trading in
the securities of a capital pool company should be considered highly
speculative. The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release.

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