Black Point Capital Inc.

Mistral Pharma Inc.

Mistral Pharma Inc.

January 18, 2005 13:22 ET

Black Point's Qualifying Transaction With Mistral Pharma Approved by the Shareholders


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BLACK POINT CAPITAL INC.

TSX VENTURE SYMBOL: BPL.P

JANUARY 18, 2005 - 13:22 ET

Black Point's Qualifying Transaction With Mistral
Pharma Approved by the Shareholders

MONTREAL, QUEBEC--(CCNMatthews - Jan. 18, 2005) - Black Point Capital
Inc. ("Black Point") (TSX VENTURE:BPL.P) announced that both its
shareholders and the shareholders of Mistral Pharma Inc. ("Mistral")
have approved the amalgamation of Black Point with Mistral at the
special meetings held today.

Upon completion of all the formalities, Black Point and Mistral will
proceed with the amalgamation. The terms and conditions of the
amalgamation are set forth in details in the joint management
information circular dated December 17, 2004 pertaining to the special
meetings of shareholders. The corporation resulting from the
amalgamation will be called "Mistral Pharma Inc." and it will carry on
the same activities as those currently carried on by Mistral. Mistral's
Web site address is www.mistralpharma.com

The amalgamation is conditional upon the issuance of units of Black
Point 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
Black Point common share purchase warrant. The details of this offering
are set forth in the press release issued on December 29, 2204.
Canaccord Capital Corporation, First Associates Investments Inc. and
Jennings Capital Inc. have agreed to act as agents for this proposed
financing.

Black Point also announced that all the other matters submitted to its
shareholders were approved including the stock option plan and the
amendment of the general by-law.

"Trading in the securities of a capital pool company should be
considered highly speculative. The TSX Venture Exchange Inc. does not
accept responsibility for the adequacy or accuracy of this release."

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