• Mr. Richard Penn

BLACK TUSK ARRANGES PRIVATE PLACEMENTS, DEBT SETTLEMENT

Mr. Richard Penn reports


BLACK TUSK ANNOUNCES PROPOSED FINANCINGS AND DEBT SETTLEMENT


Black Tusk Resources Inc. has arranged two proposed private placements and a proposed debt settlement.


The flow through funding will consist of up to 8,333,333 flow-through units ("FT Units"), priced at $0.06 each for gross proceeds of up to $500,000. Each FT Unit will consist of one flow-through common share plus one-half of one whole warrant to purchase one non flow-through common share at $0.10 for two years.


The non-flow-through funding will consist of up to 10,000,000 units ("NFT Units") priced at $0.05 for gross proceeds of up to $500,000 CDN. Each NFT Unit will consist of one common share plus one-half of one whole warrant to purchase an additional common share at $0.075 for two years.


The Company will pay finder's fees of 10% cash, 5% compensation shares and 4% Warrants on the same terms as the private placements.


In addition, the Company announces a debt settlement, settling $179,000 in exchange for 3,580,000 common shares. In the proposed settlement, officers of the Company are expected to receive 1,760,000 of these common shares in settlement of $88,000 in outstanding indebtedness.


The proposed private placement and any finder's fees are subject to CSE approval. All shares issued pursuant to this offering and any shares issued pursuant to the exercise of warrants will be subject to a four-month hold period from the closing date.


About Black Tusk Resources Inc.

Black Tusk Resources is a diversified Canadian exploration company with operations primarily based in the world-class Abitibi greenstone belt region of Quebec. Black Tusk currently holds 100-per-cent ownership in six separate gold, copper and platinum/palladium properties in Canada.


We seek Safe Harbor.

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