Black Bull Provides an Update on RTO Transaction

SURREY, BRITISH COLUMBIA--(Marketwired - Dec. 29, 2015) -

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Black Bull Resources Inc. ("Black Bull") (NEX:BBS.H) provides the following update in connection with its proposed reverse take-over transaction with Renewable Energy Minerals Limited (REM), previously AUS Critical Metals Ltd. and now owned by DWF Capital of Sydney, Australia, as previously announced on November 6, 2015, ("Transaction"). The preparation of a definitive agreement, proposed for the end of November 2015 on similar terms to the previous agreement, continues. However, the parties have agreed that an extension to the period allowed to complete the definitive agreement by the February 29, 2016 will benefit both parties and strengthen the future business with the transaction anticipated closing by April 20, 2016 following the required due process and special annual general meeting.

The time will allow consolidation of plans originating at the beginning of, the now extended, period since the original transaction was announced (April 30, 2014) which have been developing over that time as the global market has changed. On completion of the definitive agreement a news release will be made contemporaneously, describing the key details of the transaction and the business post-closing.

In particular, it will enable a detailed updating of strategic plans for two key sectors of business; the potential to re-open mining activities at the Nova Scotia quartz mine resource along with the launch of a targeted, renewable energy sector, minerals streaming business.

Additionally, it will enable the parties to explore the benefit of DWF Capital's involvement in the transaction and their links in the minerals and capital market places in Asia and the Middle East to optimise their involvement in the transaction.

The definitive agreement is now expected to be achieved by February 29, 2016 enabling anticipated closing of the transaction by April 20, 2016 concurrent with a financing to raise additional funds to those received resulting from the transaction, for the purpose of working capital.

Meanwhile 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: When a new definitive agreement between Black Bull and REM is executed, which is expected to occur by February 29, 2016, followed by an anticipated closing by April 20, 2016, in accordance with the policies of the TSXV, Black Bull will issue a contemporaneous press release containing the details of the definitive agreement and additional terms of the Transaction, including information relating to sponsorship, summary financial information in respect of REM's assets, history of the assets, pro forma share capital of the resulting issuer, and further information regarding potential appointments of additional directors and officers upon completion of the Transaction.

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.

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.