Bling Capital Corp.
TSX VENTURE : BLI.P

February 27, 2009 17:52 ET

Bling Capital Corp. Announces Termination of Acquisition Agreement

CALGARY, ALBERTA--(Marketwire - Feb. 27, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Bling Capital Corp. (the "Corporation") (TSX VENTURE:BLI.P) wishes to announce that the proposed qualifying transaction as announced by the Corporation's press releases dated December 17, 2008 and December 23, 2008, pursuant to which the Corporation intended to acquire all of the issued and outstanding securities of ON4 Communications, Inc. ("ON4") (the "Acquisition") has been terminated pursuant to the terms of the acquisition agreement.

The completion of the Acquisition was subject to a number of conditions negotiated between the parties and those requested by the TSX Venture Exchange (the "Exchange"). By press release dated December 17, 2008, the Corporation announced a brokered private placement with Blackmont Capital Inc., acting as agent, for a minimum of 4,500,000 common shares and a maximum of 9,000,000 common shares to be sold at a price of $0.50 per common share for gross proceeds of a minimum of $2,250,000 and a maximum of $4,500,000 (the "Private Placement"). The completion of the Private Placement was a condition to closing the Acquisition.

The Corporation has been advised that, given the current economic environment, the Private Placement is not able to be completed. Therefore, a condition has not been met. The Corporation is not in a position to proceed any further on the Acquisition and the acquisition agreement is terminated.

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.

The TSX Venture Exchange, Inc. has in no way passed upon the merits of the Acquisition and associated transactions and has neither approved nor disapproved of the contents of this press release.

Contact Information

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