Black Panther Announces Non Brokered Private Placement
October 29, 2009
West Vancouver, British Columbia – October 29, 2009 – Black Panther Mining Corp. (the “Company” or “Black Panther”) announces that, subject to regulatory approval, it intends to proceed with a non-brokered private placement (the “Private Placement”) to raise up to $2,000,000 by the issuance of 6,000,000 flow through units (the “FT Units”) at $0.25 per FT Unit and 2,000,000 non-flow through units (the “Non FT Units”) at $0.25 per Non FT Unit. Each FT Unit will consist of one flow through common share and one-half of a share purchase warrant, with each whole warrant entitling the holder to purchase an additional non-flow through common share at a price of $0.30 for a period of one year from the closing date. Each Non FT Unit will consist of one non-flow through common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional non-flow through common share at a price of $0.30 for a period of one year from the closing date. With respect to this Private Placement, the Company may pay finders’ fees in the amount of 10% of the proceeds raised from the sale of FT Units and Non FT Units (payable in cash or Non FT Units at a deemed price unit of $0.25 per unit) based on the number of FT Units and Non FT Units purchased by subscribers introduced to the Company by such finders.
The Company intends to use the proceeds from this Private Placement for general working capital purposes and for furthering the exploration of the Company’s “Seagull” PGE property, which is located approximately 90 km north-northeast of Thunder Bay, Ontario (for additional information see the Company’s news release of October 7, 2009), and the Company’s “1506” nickel property, which is located approximately 90 km north of the Voisey’s Bay nickel discovery in the Nain area of Labrador (for additional information see the Company’s news release of October 27, 2008).
For further information, contact Mr. Clive Shallow, investor communications at 604-922-2030 or visit the Company’s new website at www.blackpanthermining.com.
BLACK PANTHER MINING CORP.
“Douglas L. Mason”
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Douglas L. Mason, Director
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.
