• Mr. Richard Penn

BLACK TUSK CLOSES $2.36M OVERSUBSCRIBED PLACEMENT

Mr. Richard Penn reports


BLACK TUSK ANNOUNCES CLOSING OF OVERSUBSCRIBED FINANCING AND STRATEGIC INVESTMENT BY PALISADES GOLDCORP LTD


Black Tusk Resources Inc. has closed an oversubscribed non-brokered private placement for gross proceeds of $2,368,606. The financing included $204,000 of flow-through financing, $2,164,606 of non-flow-through financing inclusive of the strategic investment by Palisades Goldcorp Ltd.


"Palisades Goldcorp's strategic investment is an excellent endorsement to the potential of our projects specifically the McKenzie East property in the prolific Abitibi greenstone belt. These funds will allow us to expand our exploration initiatives, including or drilling program at McKenzie East."


The flow-through financing consisted of 2.55 million flow-through units, priced at eight cents each for gross proceeds of $204,000. Each flow-through unit consists of one flow-through common share plus one warrant to purchase one non-flow-through common share at 10 cents for five years.


The non-flow-through financing consisted of 28,134,073 units priced at 5.3 cents for gross proceeds of $1,491,105.87. Each non-flow-through unit consists of one common share plus one warrant to purchase an additional common share at eight cents for five years; in addition, the company also closed a second non-flow-through financing consisting of 9,621,428 units priced at seven cents for gross proceeds of $673,500. Each non-flow-through B unit consists of one common share plus one warrant to purchase an additional common share at 10 cents for five years.


In addition, the company settled outstanding indebtedness of $186,375 in exchange for common shares of the company at a price of seven cents per common share.


The company paid finders' fees of 7 per cent based on the gross proceeds received by the company as well as 7 per cent of either brokers' warrants exercisable on the same terms as the respective units warrants or compensation options exercisable into offered units on the same terms as the respective unit sold. The private placement and any finders' fees are subject to Canadian Securities Exchange 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.


Proceeds from the offerings will be used for general working capital and mineral exploration on the company's projects.


About Black Tusk Resources Inc.


Black Tusk Resources is a gold-focused 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 and platinum/palladium properties in Canada.


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