Blackstone Ventures Inc.

Blackstone Ventures Inc.

October 18, 2005 09:55 ET

Blackstone Announces Closing of Brokered and Non-Brokered Private Placements

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 18, 2005) - Blackstone Ventures Inc. (TSX VENTURE:BLV) is pleased to announce it has closed the brokered and non-brokered private placements previously announced on September 20, 2005 and amended on October 6, 2005. The Company also issued common shares and warrants pursuant to the South Norway property agreement with Falconbridge Limited.

Private Placements

The Company raised gross proceeds of $5.0 million from the fully subscribed brokered private placement led by Toll Cross Securities Inc. by issuing 15,151,597 units @ $0.33 per unit and $349,800 from the non-brokered private placement with Falconbridge Limited by issuing 1,060,000 units @ $0.33 per unit.

Each unit consisted of one common share and one half of one common share purchase warrant with each full warrant entitling the holder to purchase one additional common share at a price of $0.50 until April 13, 2007. For the brokered private placement, the Company paid $343,071 in cash commissions and issued Agent compensation warrants entitling the holders to purchase 1,212,115 Units @ $0.33 per Unit until April 13, 2007. All the securities are subject to a four month hold until February 14, 2006.

South Norway Property Agreement with Falconbridge Limited

Pursuant to the South Norway Property Agreement with Sulfidmalm A/S, a wholly owned subsidiary of Falconbridge Limited, announced on September 7, 2005, the Company issued 466,338 common shares to Falconbridge Limited and warrants to purchase an additional 466,338 common shares of the Company at a price of $0.41 per share until March 1, 2007.

Upon completion of the aforementioned transactions, the Company has been advised that Falconbridge Limited now owns 4,838,393 or 10.1% of the outstanding common shares of the Company and has warrants to purchase an additional 3,032,053 common shares.

On behalf of Blackstone Ventures Inc.

Donald A. McInnes, President

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Blackstone Ventures Inc.
    Donald McInnes
    (604) 687-3929