Blue Gold Mining Inc.
TSX VENTURE : BGX

September 08, 2011 08:35 ET

Blue Gold Mining Inc. Announces $20,000,000 Best Efforts Offering of Units

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 8, 2011) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Blue Gold Mining Inc. (TSX VENTURE:BGX) (the "Corporation") announces that the Corporation has entered into an agreement with a syndicate of Agents led by Cormark Securities Inc. and including Axemen Resource Capital Ltd., PI Financial Corp. and Canaccord Genuity Inc. (the "Agents") to offer for sale (the "Offering"), on a best efforts agency basis, up to $20,000,000 of units (the "Units") of the Corporation at a price of $1.00 per Unit (the "Offering Price"). Each Unit will consist of one common share in the capital of the Corporation (a "Common Share") and one-half of one warrant (a "Warrant"). Each whole Warrant will entitle the holder to acquire one Common Share at a price of $1.50 for a period of two years following the closing date.

The Corporation will pay the Agents a cash commission equal to 6.0% of the gross proceeds of the offering. Closing of the offering is anticipated to occur on or before October 6, 2011 and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange.

The Corporation has also granted to the Agents the option to sell up to an additional $5,000,000 of Units, exercisable until the date which is two days prior to the closing date.

The net proceeds of the financing will be used for potential future acquisitions and for general corporate purposes.

Blue Gold Mining Inc.

Mark O'Dea, Director

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Blue Gold Mining Inc.
    Mark O'Dea
    Director
    604-632-4677

    Blue Gold Mining Inc.
    Sean Tetzlaff
    Chief Financial Officer
    604-632-4677