Black Pearl Minerals Consolidated Inc.
TSX VENTURE : BLK

Black Pearl Minerals Consolidated Inc.

August 22, 2007 12:54 ET

Black Pearl Announces Amended Private Placement

TORONTO, ONTARIO--(Marketwire - Aug. 22, 2007) -

THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES.

Black Pearl Minerals Consolidated Inc. (TSX VENTURE:BLK) wishes to announce, further to its press release of July 16, 2007, that it has reduced the conversion price of the convertible debentures in connection with its previously announced $1,500,000 debenture financing. The convertible debentures bear interest at prime plus 1%, calculated annually in arrears and payable on maturity, which is 2 years from the date of issuance. The principal of the debenture is convertible into either: (a) common shares at a price of $0.25 per share for a period of two years from the date of closing; or (b) at any time after the first anniversary of the date of closing, the holders pro rata share of 3,000 ounces of gold, payable in cash based on the price of gold on the day prior to conversion.

In addition, the Company has reduced the purchase price of the flow-through shares to be issued in connection with its previously announced $1,500,000 private placement. The Company intends to issue an aggregate of 7,500,000 flow-through common shares of the Company at a price of $0.20 per share.

Proceeds from the financings will be used to purchase ore processing equipment and the extraction of the bulk sample for the Gold Dust advanced exploration project in Manitoba. The amended financings are subject to regulatory approval.

ON BEHALF OF THE BOARD

BLACK PEARL MINERALS CONSOLIDATED INC.

Robert Sibthorpe B.Sc. (Geol), MBA, President

Shares Outstanding: 33,391,156

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

Contact Information

  • Black Pearl Minerals Consolidated Inc.
    Andrew Cook
    C.O.O.
    (604) 602-4935
    or
    Black Pearl Minerals Consolidated Inc.
    Jim MacDonald
    Corporate Communication
    (604) 602-4935