Bling Capital Corp.
TSX VENTURE : BLI.P

July 02, 2008 17:57 ET

Bling Capital Corp. Announces Terms of Private Placement

CALGARY, ALBERTA--(Marketwire - July 2, 2008) -

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Further to its press release dated March 27, 2008, Bling Capital Corp. (TSX VENTURE:BLI.P) (the "Corporation") is pleased to announce the terms of its previously announced private placement.

The Corporation intends to complete a brokered private placement (the "Private Placement"), in conjunction with the acquisition of the outstanding securities of ON4 Communications, Inc. and DataTrail Inc. (collectively, the "Targets"), of 4,500,000 common shares in the capital of the Corporation (the "Bling Shares") and a maximum of 6,000,000 Bling Shares at a purchase price of $1.00 per Bling Share for aggregate gross proceeds of a minimum of 4,500,000 and a maximum of $6,000,000.

Blackmont Capital Inc. (the "Agent") has agreed to act as agent for the Private Placement on a "commercial reasonable" basis, subject to completion of due diligence. The Corporation has agreed to pay to the Agent a cash commission of 8% of the gross proceeds of the Private Placement and options to acquire Bling Shares equal to 10% of the Bling Shares sold under the Private Placement.

The proceeds of the Private Placement are intended to provide the Corporation with additional working capital to carry on the business plans of the Targets on a consolidated basis to continue research and development efforts, expand sales and marketing, extend existing commercial activities, purchase additional inventory and for general corporate purposes.

The Corporation is a capital pool company whose shares were both listed for trading and halted from trading on the Exchange on November 1, 2007, under the symbol "BLI.P" pending the announcement of the proposed Qualifying Transaction, as defined in the policies of the TSX Venture Exchange.

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

Contact Information

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