Brilliant Mining Corp.: Closing of Private Placement and Update on Proposed Acquisition of Ivory Resources Inc.
19 2월 2011 - 6:00AM
Marketwired
Brilliant Mining Corp. (TSX VENTURE: BLT) (the "Company" or
"Brilliant") is pleased to announce the closing of a private
placement previously announced in a news release dated December 1,
2010 (the "December 2010 News Release"), subject to final TSX
Venture Exchange ("TSX-V") approval. The Company is also pleased to
announce several updates regarding the proposed acquisition of
Ivory Resources Inc. also previously announced in the December 2010
News Release.
Closing of Private Placement
Brilliant has closed a private placement of units of Brilliant
(the "Units") at CDN$0.27 per Unit (the "Private Placement"),
subject to final TSX-V approval. Each Unit consists of one common
share of Brilliant (a "Common Share") and one Common Share purchase
warrant of Brilliant (a "Warrant"). Each Warrant will entitle the
holder thereof to acquire one Common Share (a "Warrant Share") upon
the payment of CDN$0.45 per Warrant Share at any time until 24
months following the date of issuance. Insiders of Brilliant have
participated in the Private Placement.
The Private Placement was originally for up to 70,370,370 Units
for gross proceeds of up to CDN$19,000,000. The gross proceeds were
intended to be used principally to fund an airborne geophysical
survey (the "Aerial Survey") being conducted by Ivory Resources
Inc. ("Ivory") in the Republic of Equatorial Guinea.
Certain investors originally planning to participate in the
Private Placement have advanced funds directly to Ivory by way of
loans instead. The loans will be converted into shares of Ivory and
subsequently exchanged for Units of Brilliant. Such investors did
not invest in Brilliant by way of the Private Placement.
Irrespective of whether investors participated by way of the
Private Placement or by way of loan, there will be Units issued in
exchange for $23,000,000 invested by investors as contemplated by
the original Memorandum of Understanding as described in the
December 2010 News Release.
Update on Acquisition of Ivory Resources Inc.
The TSX-V has conditionally approved Brilliant's proposed
acquisition of Ivory. The Company is working on various acquisition
agreements and should be in a position to close, subject to final
TSX-V approval, in the next few weeks.
Ivory, through a wholly-owned subsidiary, has acquired an
agreement with the government of the Republic of Equatorial Guinea
(the "Government") whereby Ivory will fund and conduct the Aerial
Survey on behalf of the Government. As compensation for financing
the costs of the Aerial Survey, Ivory will have certain
preferential rights to choose areas within the survey area (with
the exclusion of any reserved areas of the State) to request mining
and/or oil concessions for a period beginning from the initiation
of the Aerial Survey and ending two months following conclusion of
the data acquisition operations.
Once the Aerial Survey has been concluded and the data
interpreted, such results will be delivered to the Government at
which time Ivory will be in a position to exercise its preferential
rights.
Fugro Airborne Survey Corp. ("Fugro") has been contracted by
Ivory to complete the Aerial Survey over the Rio Muni area of
Equatorial Guinea defined geographically by the international
borders with Gabon, Cameroon and the Atlantic Ocean. The Aerial
Survey will consist of acquisition and analysis of magnetic,
MEGATEM, and radiometric data along approximately 68,832 line
kilometers at a line spacing of 400m. The survey will be conducted
utilizing a specially modified Dash 7 aircraft at a nominal height
of 120m above ground. It is estimated that the Aerial Survey will
take 165 clear flying days to complete.
Fugro has commenced the Aerial Survey. The aircraft and crew has
been mobilized to Equatorial Guinea and is stationed in the city of
Bata. To date 11,043 line kilometers or approximately 16% of the
survey has been completed.
About Brilliant Mining Corp.
Brilliant Mining Corp. is a two-time TSX-Venture Top 50 award
winning resource Company in search of undervalued resource
opportunities. Brilliant's internationally experienced technical
team and Board of Directors aim to leverage their broad range of
expertise to acquire and develop high quality, advanced stage
mineral projects.
On behalf of the Board of Directors
John Williamson, P. Geol., CEO, President & Director
Brilliant Mining Corp.
For further information about Brilliant Mining Corp. or this
news release, please visit our website www.brilliantmining.com.
Brilliant Mining Corp. is a member of the Discovery Group of
Companies, for more information on the group visit
www.discoveryexp.com.
Caution concerning forward-looking information
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities laws. This information and statements address future
activities, events, plans, developments and projections. All
statements, other than statements of historical fact, constitute
forward-looking statements or forward-looking information. Such
forward-looking information and statements are frequently
identified by words such as "may", "will", "should", "anticipate",
"plan", "expect", "believe", "estimate", "intend" and similar
terminology, and reflect assumptions, estimates, opinions and
analysis made by management of Brilliant in light of its
experience, current conditions, expectations of future developments
and other factors which it believes to be reasonable and relevant.
Forward-looking information and statements involve known and
unknown risks and uncertainties that may cause Brilliant's actual
results, performance and achievements to differ materially from
those expressed or implied by the forward-looking information and
statements and accordingly, undue reliance should not be placed
thereon.
Risks and uncertainties that may cause actual results to vary
include but are not limited to the availability of financing;
fluctuations in commodity prices; changes to and compliance with
applicable laws and regulations, including environmental laws and
obtaining requisite permits; political, economic and other risks;
fluctuations in foreign exchange rates; as well as other risks and
uncertainties which are more fully described in our annual and
quarterly Management's Discussion and Analysis and in other filings
made by us with Canadian securities regulatory authorities and
available at www.sedar.com. Brilliant disclaims any obligation to
update or revise any forward-looking information or statements
except as may be required by law.
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.
Contacts: Brilliant Mining Corp. Brian Budd Director of
Corporate Development 604-646-4525 or Toll Free: 1-888-331-2269
info@brilliantmining.com www.brilliantmining.com
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