Bling Capital Corp.
TSX VENTURE : BLI.P

October 23, 2009 12:06 ET

Bling Capital Corp. Announces Private Placement of $200,000

CALGARY, ALBERTA--(Marketwire - Oct. 23, 2009) - Bling Capital Corp.(the "Corporation") (TSX VENTURE:BLI.P) announces that, on October 22, 2009, the Corporation completed a previously announced non-brokered private placement of common shares in the capital of the Corporation at an issue price of $0.05 per common share for gross proceeds of $200,000. The net proceeds of the Private Placement will be used by the Corporation to finance closing costs associated with the Corporation's proposed Qualifying Transaction, general working capital purposes and, if the Qualifying Transaction is completed, to finance the exploration and development of mineral exploration properties acquired pursuant to the Qualifying Transaction.

In addition, the Corporation together with Kevin V. Nephin and Russ Hammond, announced that Kevin V. Nephin and Russ Hammond have each filed an Early Warning Report in connection with their acquisition of common shares of the Corporation pursuant to the private placement.

Kevin V. Nephin, of Chilliwack British Columbia, acquired directly 2,000,000 common shares or approximately 26.43% of the issued and outstanding capital of the Corporation pursuant to the private placement. On a post-closing basis, Mr. Kevin V. Nephin owns directly or indirectly 2,003,000 common shares of the Corporation or approximately 26.47% of the issued and outstanding capital of the Corporation.

Russ Hammond of London UK, acquired indirectly 2,000,000 common shares of the Corporation or approximately 26.43% of the issued and outstanding capital of the Corporation pursuant to the private placement. On a post-closing basis, Mr. Russ Hammond owns indirectly 2,000,000 common shares of the Corporation or approximately 26.43% of the issued and outstanding capital of the Corporation.

Both Kevin V. Nephin and Russ Hammond have acquired the common shares of the Corporation for investment purposes and may from time to time acquire additional securities of the Corporation, dispose of some or all of the existing or additional securities they each hold or will hold, or may continue to hold their current common share position. The common shares were acquired in reliance on section 2.3 of National Instrument 45-106 Prospectus and Registration Exemptions on the basis that the subscribers are accredited investors.

The Corporation is currently a Capital Pool Company pursuant to the policies of the TSX Venture Exchange (the "Exchange"). The Corporation has entered into a letter of intent whereby the Corporation proposes to acquire an interest in certain mineral exploration properties located in British Columbia that the Corporation expects will constitute its Qualifying Transaction pursuant to the policies of the Exchange.

For Further Information or in order to obtain a copy of the Early Warning Reports filed by Kevin V. Nephin or Russ Hammond, please see contact information.

Cautionary Statements

Certain statements contained in this release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the intention of the parties to complete the acquisition of mineral properties and matters related to the Private Placement. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Venture One. The material factors and assumptions include the parties to the Qualifying Transaction being able to obtain the necessary director, shareholder and regulatory approvals; Exchange policies not changing; completion of satisfactory due diligence; Risk Factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking information include, among other things: conditions imposed by the Exchange, the failure to obtain the required directors' and shareholders' approval to the proposed Qualifying Transaction; general economic and business conditions; and changes in the regulatory regulation. The Corporation cautions the reader that the above list of risk factors is not exhaustive. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

Contact Information

  • Bling Capital Corp.
    Stuart Peterson
    President and Director
    (403) 234-0734