Bling Capital Corp.
TSX VENTURE : BLI.P

November 12, 2009 12:34 ET

Bling Capital Corp. Announces Termination of Proposed Qualifying Transaction, Appointment of a New President and Chief Executive Officer and a Proposed Private Placement of Up to $600,000

CALGARY, ALBERTA--(Marketwire - Nov. 12, 2009) -

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Bling Capital Corp.(the "Corporation") (TSX VENTURE:BLI.P) announces the termination of the previously announced proposed qualifying transaction, the appointment of Kevin V. Nephin as new President and Chief Executive Officer of the Corporation and a proposed private placement of up to $600,000.

Termination of a proposed Qualifying Transaction
The proposed qualifying transaction as previously announced by the Corporation's press release dated September 8, 2009, pursuant to which the Corporation intended to acquire from Copper Canyon Resources Ltd. a 100% interest in the Abo Gold (Harrison Gold) Properties, in British Columbia (the "Acquisition") has been terminated. The completion of the Acquisition was subject to a number of condition precedents which have not been complied with. As a result the Corporation is not in a position to proceed any further with respect to the Acquisition.

The Corporation has currently undertaken discussions with a number of other third parties related to several other possible proposed qualifying transactions.

Appointment of President and Chief Executive Officer
Kevin V. Nephin has been appointed as the President and Chief Executive Officer of the Corporation replacing Stuart W. Peterson effective immediately. Mr. Nephin has over 25 years experience in the investment industry. His experience includes 13 years as an Investment Advisor, primarily focused on mining and exploration companies. He was a Director and Vice-President of Parklane Mines and Minerals and Founder, Director and Executive Vice-President of Micrologix Biotech. Mr. Nephin is currently a director of the Corporation. Stuart W. Peterson will continue in his role as Chief Financial Officer, Secretary and a director of the Corporation.

Private Placement
The Corporation proposes to complete a non-brokered private placement of up to 6,000,000 common shares of the Corporation at a proposed issue price of $0.10 per common share for gross proceeds of up to $600,000 (the "Private Placement"). The closing of the Private Placement is expected to occur on or about November 30, 2009. The proceeds of the Private Placement will be used to finance the ongoing costs associated with identifying, evaluating and completing a potential qualifying transaction. The Private Placement is subject to regulatory body approval.

The Corporation is currently a capital pool company pursuant to the policies of the Exchange. The Corporation will continue to identify and evaluate business opportunities for the Corporation in order to complete its qualifying transaction.

Cautionary Statements
Certain statements contained in this news release constitute "forward-looking statements" as such term is used in applicable securities laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning identifying and evaluating a proposed qualifying transaction, completion of a proposed private placement and obtaining regulatory body approval in respect thereof and other factors or events described in this news release should be viewed as forward looking statements to the extent they involve forecasts or estimates.

Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the inability to obtain regulatory body approvals; general market conditions and such other business risks as discussed herein and other publicly filed disclosure documents. Although the Corporation has attempted to identify important factors that could cause actual events or results to differ materially from those described in forward-looking statements, there may be factors that cause actions, events or results not to be as anticipated, estimated of intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.

Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Corporation undertakes no obligation to update forward-looking statements should these beliefs, estimates and opinions or other circumstances change, except as required by applicable law. Investors are cautioned that such forward-looking statements involve risks and uncertainties. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Neither 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.

Contact Information

  • Bling Capital Corp.
    Kevin V. Nephin
    President and Chief Executive Officer
    (604) 824-6056