VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 16, 2011) - Blackstone Ventures Inc. (News - Market indication) ("Blackstone" or the "Company") is pleased to announce that it has agreed to terms on which Canadian Arrow Mines Ltd. ("Canadian Arrow") will acquire a 100% undivided interest in Blackstone's interest in the Kenbridge nickel project in Ontario.
Pursuant to the terms of the original letter agreement dated September 13th, 2006 Canadian Arrow has issued to Blackstone 2,500,000 units in its capital stock and incurred over $9,000,000 in exploration expenditures on the Kenbridge property. Also pursuant to the agreement, Canadian Arrow was required to make a final payment to Blackstone of $1,000,000 by December 31, 2012. Canadian Arrow and Blackstone have now agreed that, subject to the necessary regulatory approvals, such payment will be replaced with a cash payment in the amount of $250,000 plus the issuance of the $250,000 of units ("Units") of Canadian Arrow. Each Unit will be issued at a deemed issue price of $0.0776 and will consist of one common share of Canadian Arrow and one common share purchase warrant. Each warrant entitles Blackstone to purchase one additional common share at a price of $0.10 for a period of two years.
On behalf of Blackstone Ventures Inc.
Donald McInnes, Chairman
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.
Neither 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.
For more information, please contact
Blackstone Ventures is a exploration company based in Canada.
Blackstone Ventures holds various exploration projects in Canada, in Norway and in Sweden.
Its main exploration properties are NORBOTTEN, LAINJAUR and JERVAS in Sweden and DROMEDARY in Canada.
