Blue Vista Technologies Inc.

January 05, 2011 10:14 ET

Blue Vista Technologies Inc. Announces Closing of Private Placement

TORONTO, ONTARIO--(Marketwire - Jan. 5, 2011) - Blue Vista Technologies Inc. (TSX VENTURE:BV.H) (the "Company") is pleased to announce that it has closed its previously announced private placement (the "Offering"). 

The Company issued 7,000,000 flow-through units ("FT Units") at a price of $0.10 per FT Unit and 3,800,000 regular units ("Units") at a price of $0.05 per Unit for aggregate gross proceeds of $890,000. Each FT Unit consists of 1 flow-through common share, 1 common share and 1 common share purchase warrant exercisable for a period of 1 year after closing and each Unit consists of 1 common share and 1 common share purchase warrant exercisable on or before December 30, 2011.

Proceeds of the Offering will be used for working capital, acquisitions, incurring Canada exploration expenditures (within the meaning of the Income Tax Act (Canada)), to settle debt with cash and to bring the continuous disclosure record of the Company up to date.

The securities issued pursuant to the Offering are subject to a four-month hold period. In addition, the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the NEX.

The Company is investigating strategic alternatives, including the sale of its assets and possible acquisitions, which may, or may not, involve a change of business, in order to enhance shareholder value.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. 

Shares Outstanding: 23,415,576

Neither 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.

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