Black Point Capital Inc.

Mistral Pharma Inc.

Mistral Pharma Inc.

April 29, 2005 10:12 ET

Black Point: Completion of the Public Distribution and Qualifying Transaction


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BLACK POINT CAPITAL INC.

TSX VENTURE SYMBOL: BPL.P

AND MISTRAL PHARMA INC.

TSX VENTURE SYMBOL: MIP

APRIL 29, 2005 - 10:12 ET

Black Point: Completion of the Public Distribution and
Qualifying Transaction

MONTREAL, QUEBEC--(CCNMatthews - April 29, 2005) - Black Point Capital
Inc. ("Black Point") (TSX VENTURE:BPL.P) announces that it has just
completed its public offering of 10,000,000 units at a price of $0.20
per unit for gross proceeds of $2,000,000 in connection with the
previously announced distribution. Each unit is comprised of one common
share of Black Point and one common share purchase warrant of Black
Point. Each purchase warrant entitles its holder to purchase one common
share of Black Point at a price of $0.30 at any time on or before 5:00
p.m. eastern time on October 29, 2006.

Furthermore, immediately after the offering, Black Point completed its
qualifying transaction pursuant to which Mistral Pharma Inc. (before the
amalgamation, the "Corporation") and Black Point have amalgamated to
form an amalgamated corporation having the corporate name Mistral Pharma
Inc. ("Mistral"). In connection with the amalgamation, 54,595,155 common
shares of Mistral have been issued in exchange for the common shares
held by holders of Black Point and the Corporation.

Mistral announces today that its common shares are listed on the TSX
Venture Exchange under the symbol "MIP".



The following individuals have been elected as the directors of
Mistral:

Marc Boisjoli
Robert Boisjoli
Bertrand F. Bolduc
Marc Busgang
Jacques Gagne
Thomas Kaneb
Peter Tomlinson

The members of the audit committee of Mistral are composed of
Messieurs Marc Boisjoli, Robert Boisjoli and Thomas Kaneb.


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Black Point Capital Inc.
    Bertrand Bolduc
    President and Chief Executive Officer
    (514) 920-0909
    The TSX Venture Exchange does not assume any liability regarding the
    relevancy or the accuracy of this news release.