Blackdog Resources Ltd.
TSX VENTURE : DOG

Blackdog Resources Ltd.

December 15, 2009 08:00 ET

Blackdog Resources Ltd. Closes $1,556,375 Non Brokered Financing

CALGARY, ALBERTA--(Marketwire - Dec. 15, 2009) - Blackdog Resources Ltd. ("Blackdog" or "the Company") (TSX VENTURE:DOG) is pleased to announce it has closed its previously announced non brokered private placement (the "Private Placement") for aggregate gross proceeds of $1,556,375. The Company issued 1,002,428 common shares ("Common Shares") at a price of $0.35 per Common Share for gross proceeds of $350,849.80 and 3,013,812 Common Shares on a "flow-through" basis under the Income Tax Act (Canada) ("Flow-Through Shares") at a price of $0.40 per Flow-Through Share for gross proceeds of $1,205,525. The Private Placement oversubscribed. In connection with the Private Placement, the Company paid certain investment professionals an aggregate of $102,870 in finders' fees, and issued an aggregate of 189,105 broker warrants of the Company ("Flow-Through Broker Warrants"), each such Flow-Through Broker Warrant exercisable for one Common Share at a price of $0.40 per share for one year from the closing of the Private Placement, and an aggregate of 77,794 broker warrants ("Common Share Broker Warrants"), each such Common Share Broker Warrant exercisable for one Common Share at a price of $0.35 per share for one year from the closing of the Private Placement. All securities issued in connection with the Private Placement will be subject to a 4 month hold expiring on April 12, 2010.

The proceeds of this offering will be used to expand the Company's emerging light oil play in Woking, Alberta.

Blackdog is a junior oil and gas company focused on the development of light oil with producing assets in South East Saskatchewan and Alberta. With the completion of the financing, the Company has 20,748,687 Common Shares outstanding, no debt, a working capital surplus in excess of $1,300,000 and generates net positive cash flow on a daily basis.

This press release contains forward-looking statements. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Blackdog. Although Blackdog believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Blackdog can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations. The forward-looking statements contained in this document are made as of the date hereof and Blackdog undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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.

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