Black Bull Resources Inc.
TSX VENTURE : BBS.H

Black Bull Resources Inc.

September 18, 2014 13:28 ET

Black Bull Provides an Update on RTO Transaction

SURREY, BRITISH COLUMBIA--(Marketwired - Sept. 18, 2014) -

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Black Bull Resources Inc. ("Black Bull") (TSX VENTURE:BBS.H) provides the following update in connection with its proposed reverse take-over transaction with AUS Critical Metals Ltd. ("Transaction"), as previously announced on April 30, 2014. The parties have agreed to extend the closing date of the Transaction to October 31, 2014, however if the Transaction does not close by then a further extension will be necessary.

In accordance with the policies of the TSX Venture Exchange ("TSXV"), Black Bull will issue a subsequent press release containing summary financial information in respect of AUS Critical Metals Ltd. ("AUS") and additional information relating to the operations of AUS, the identity of any control persons of AUS, and the pro forma share capital of the resulting issuer.

Reinstatement to Trading

The common shares of Black Bull will remain halted pending receipt by the TSXV of certain required materials from Black Bull and until Black Bull engages a sponsor or a sponsorship exemption is granted.

Description of Significant Conditions to Closing

The completion of the Transaction is subject to the approval of the TSXV and all other necessary regulatory approvals. The completion of the Transaction is also subject to certain other additional conditions precedent, including, but not limited to: (i) completion of satisfactory due diligence by each of Black Bull and AUS; (ii) approval of the respective board of directors; (iii) completion of a 30 for 1 consolidation of Black Bull's common shares; (iv) the absence of any material change or change in a material fact which might reasonably be expected to have a material adverse effect on the financial and operational conditions or the assets of each of the parties to the share exchange agreement; and (v) certain other conditions typical in a transaction of this nature.

Completion of the Transaction is subject to a number of conditions, including TSXV acceptance and disinterested shareholder approval. The Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Management Information Circular or Filing Statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.

Neither the TSX Venture Exchange, Inc. nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) has in any way passed upon the merits of the Transaction and associated transactions and has neither approved nor disapproved of the contents of this press release.

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