BLACKBULL RESOURCES INC. : http://www.blackbullresources.com/ : QwikReport

News Releases

#Mon Aug 27, 2018
Black Bull Resources Inc. Announces June 30, 2018 Interim Financial Statement Release

 Shelburne, NS --- August 27, 2017 Black Bull Resources Inc. (TSXV:BBS.H) has released its Interim Report including the Financial Statements and Management's Discussion & Analysis for the third fiscal quarter ended June 30, 2017

The Company recorded a net and comprehensive loss for the three-month period of $26,874 versus $39,987 for June 30, 2017, or ($0.00) per share versus ($0.01). Allowing for non-cash operating expense of $1,248 compared to $1,199 for June 30, 2017 the Company's operational cash flow loss was $25,627 versus a loss of $39,788 for June 30, 2018.

On a year to date basis The Company recorded a net and comprehensive loss for the year to date of $88,772 versus $94,708 to June 30, 2017, or ($0.02) per share versus ($0.02). Allowing for non-cash operating expense of $3,596 compared to $3,744 to June 30, 2017 the Company's operational cash flow loss was $85,028 versus a loss of $91,112 to June 30, 2017.

"The focus is complete the announced Proposed Change of Business," says Chris Every President and CEO, "While the Company's future is uncertain we continue to reduce cash burn".

A complete set of Black Bull's Financial Statements, Notes to the Consolidated Financial Statements and Management's Discussion and Analysis for the period ended June 30, 2018 have been filed on SEDAR at www.sedar.com.

About Black Bull Resources Inc.

Black Bull Resources Inc. is a Canadian mining company based in Nova Scotia that owns the White Rock Mine near Shelburne. Prior to suspension of operations, the mine produced a unique, bright, white, high-purity quartz, marketed under the Scotia WhiteTM trademark which is used in a range of value-added, specialty products.

The White Rock Property also contains an identified resource of kaolin and mica.
 

Further detailed information may be obtained from the Company's website www.blackbullresources.com or corporate filings at www.SEDAR.com. For other Company information contact:

Martin MacKinnon CFO
Black Bull Resources Inc.
Tel: 902-499-7183

FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements. All statements, other than statements of historical fact, included herein, including without limitation statements regarding the Company's mining properties, development results or future plans, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in mineral prices, fluctuations in currency exchange rates, uncertainties relating to the availability and costs of financing needed in the future, the capital and operating costs varying significantly from estimates, delays in the development of projects, as well as those risk factors discussed or referred to in Management's Discussion and Analysis under the heading "[Risks and Uncertainties]" and other documents filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available at www.sedar.com.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Unless required by law, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
 
#Mon Jul 23, 2018
Black Bull signs Option Agreement with Infrastructure Commodities Limited

 Surrey, British Columbia - Black Bull Resources Inc. ("Black Bull") (TSXV: "BBS.H") is pleased to announce it has signed an Option Agreement, effective July 13, 2018, with Infrastructure Commodities Limited ("InfCom") to explore and mine the White Rock property located in Yarmouth County, Nova Scotia, approximately 45 km north of the town of Shelburne and about 65 km east of the town of Yarmouth and registered with the Nova Scotia Department of Natural Resources, Registry of Mineral and Petroleum Titles (the "Property"). The Option Agreement gives InfCom the right to explore and mine the Property for Quartz, Kaolin and Mica and refine and produce Quartz, Kaolin and Mica for sale therefrom.

Conditions of the Option Agreement are:

1. The Option Grant is to be completed by both Parties in the month of July 2018.

2. Subject to completion of within 1 month of the Option Grant Date, and no later than July 28, 2018, InfCom must prepare a paper describing the anticipated Quartz, Kaolin and Mica exploitation prospects to facilitate the preparation of a bankable report.

3. Within 3 months of the Option Grant Date, and not later than October 28, 2018, InfCom must:
(a) Research and prepare a review of the applicable quartz market by value sectors / pricing / prospects & stability for use in preparing a plan for exploiting the quartz prospects on the Property;
(b) Prepare a report on options to pre-treat feedstock prior to delivery to high value clients;
(c) Preview potential offtake partners in the USA, Canada, EU and Asia for higher-end market opportunities;
(d) Preview potential exploitation partners; and
(e) Preview prospects for beneficiation technology located in Nova Scotia.

4. Within 4 months of the Option Grant Date, and not later than November 30, 2018 InfCom must:
(a) Outline the prospective project value and return to investors in a pre-bankable report; and
(b) Prepare an outline of a budget for completion of due diligence and a bankable report on the exploitation of the Quartz, Kaolin and Mica assets on the Property.

5. Within 6 months of the Option Grant Date, and not later than January 31, 2019, InfCom must be prepared to review project possibilities with Black Bull for the way forward for exploitation of the Property for Quartz, Kaolin and Mica production and sale as aforesaid.

6. In consideration of the grant of the Option and the other terms and conditions of the Option Agreement, InfCom will:
(a) Satisfy the conditions set forth above; and
(b) Pay to Black Bull 50% of the net after tax profits to InfCom from the sale of Quartz, Kaolin and Mica products mined at the property.

Infrastructure Commodities Ltd is a wholly owned subsidiary of Infrastructure Commodities (Mauritius) Ltd (ICML), a company listed on the Stock Exchange of Mauritius, managing over $380M of existing diverse mining assets and established specifically to fund and exploit commodities utilized in the fast-growing infrastructure sector. Seeking projects at market and expanding or those with proven ability to deliver revenues in the short term ICML will use cornerstone and co-fund projects utilizing a variety of instruments including, equity, debt, royalty structures and streaming for example.

Chris Every CEO of Infrastructure Commodities (Mauritius) Ltd said: "Global spend in this market is expected to reach $90 Trillion by 2030 (McKinsey) and of the infrastructure needed by 2050, only 30% of it is, as yet, being built or in place. Black Bull assets are potentially high quality and therefore essential items in this growth explosion, for power, construction and technology markets. Prior exploitation on a limited scale has provided substantial information on the assets and a relatively short time to reach commercial extraction. We are delighted to have the opportunity to analyse the best way forward to provide the right financial instruments in conjunction with future financial and technical partnerships to exploit the resources to the full."

Black Bull is delighted to have an agreement with InfCom, a well-financed company with an internationally experienced management team.

Note: The above-noted Option Agreement between Black Bull and InfCom (the "Option Agreement") does not change or otherwise effect the Change of Business Transaction with Black Bull Resources Inc. and Magnetic North Acquisition Corp.

The Option Agreement is subject to review and approval of the TSX Venture Exchange

For further information, please contact:
David L. Wood, Director
Black Bull Resources Inc.
Phone: (604) 720-7307

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.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Black Bull's periodic reports including the filings made by Black Bull from time to time with securities regulatory authorities.
 
#Mon Jun 4, 2018
BLACK BULL RESOURCES INC. PROVIDES OPERATIONAL UPDATE 2018 REVENUES EXPECTED TO EXCEED $80 MILLION

 Shelburne, NS -- June 4, 2018 -- Black Bull Resources Inc. (NEX: BBS.H) ("Black Bull" or the "Company") is pleased to provide an operational update on the portfolio of investments that will be acquired pursuant to the previously announced Definitive Agreement (the "Purchase Agreement") dated September 19, 2017, with a group of investment and business professionals to effect an arm's length Change of Business (the "Transaction") as defined in Policy 5.2 of the TSX Venture Exchange (the "Exchange" or "TSXV"). Post-closing, the Company has forecast overall revenues related to the Transaction to exceed $80 million with EBITDA forecast to exceed $30 million in the second half of 2018.

Investee Companies Development

The Transaction which, is subject to regulatory and final closing conditions, will see Black Bull transition from a Resource Issuer to an Investment Issuer within the meaning of such terms as defined in the policies of the TSXV. The portfolio of companies included in the Transaction will be acquired by the Company post-closing has continued to accelerate in order to drive an incremental increase in value.

The proposed new management team, having been previously announced on September 26, 2017, has been working with the portfolio of companies (the "Portfolio") over the past several months, and as a result of that work, now forecasts Black Bull 2018 revenue and cash flow is either at, or ahead of expectations.

With respect to certain Portfolio assets, total potential order agreements relating to all third-party agreements could total in excess of $300 million on an annualized basis. Timing for execution, and revenue commencement is expected over the next several weeks with impact to the Company being realized by the fall of 2018. EBITDA margins for these contracts are anticipated to be in excess of 35%.

Management has worked to significantly advance the Portfolio value, and has significant additional growth planned for the Portfolio that could have dramatic revenue, cash flow and earnings growth throughout the second half of 2018, expediting estimates in advance of early 2019.

The Transaction is an arm's length transaction involving an issuer listed on the NEX ("NEX" is a separate trading board of TSX Venture Exchange), therefore it is anticipated that no shareholder approval shall be required. In addition, the Company is working on the engagement of a lead agent and anticipates an announcement in due course.

 
Closing

As a condition of Closing, the Company and Vendors are required to jointly complete a private placement financing for not less than $3.0 million CAD of gross proceeds. To raise these funds, the Company will issue up to $1.5 million in Common shares, priced at $0.10 per common share, and a minimum of $1.5 million of Preferred Shares priced at $10.00 per Preferred Share. Commitments for in excess of $1.0 million have been received equally split between Preferred A shares and Common Shares.

The Closing is subject to a number of conditions, including but not limited to: requisite regulatory, corporate, and third-party approvals, including Exchange approval; all required board approvals by the Company, the receipt of a fairness opinion to the satisfaction of the Board of Directors of the Company; and completion of due diligence investigations to the satisfaction of each of the Company and the Vendors.

Sponsorship of a "Change of Business" transaction is required by the Exchange unless exempt therefrom in accordance with the Exchange's policies or unless the Exchange provides a waiver. The Company intends to apply for an exemption from the sponsorship requirements pursuant to the policies of the Exchange. If the exemption is not granted by the Exchange, then the Company would be required to engage a sponsor or will seek a waiver from the sponsorship requirement.

Post-Closing

Upon Closing, the Company intends to change its name to Magnetic North Acquisition Corp., ("Magnetic" or "Magnetic North"), or such other name as the management team may determine. It is anticipated that the Exchange would assign a new trading symbol at the time of the name change. Upon Closing, the Company intends to be listed on the TSXV as a Tier 2 Investment Issuer.

The business of the Magnetic North will become hands-on merchant banking. The existing management and Board of Directors of the Company will, upon Closing, resign from the Company, and Magnetic will appoint certain individuals to constitute the new management and Board of Directors (the "Magnetic Team"). The Magnetic Team is a working group of highly experienced professionals in finance, operations and strategy. The core principle of which is that "capital alone doesn't solve problems." Magnetic will provide capital, management and Board level representation to its Investee Companies in order to drive significant growth. The Magnetic Team believes that capital coupled with expertise and experience provides a superior return on investment to investors.

 
For Further Information, Please Contact:

For Black Bull Resources Inc. For Magnetic North Acquisition Corp.
Martin MacKinnon, CFO Andrew Osis, Co-CEO and Kevin Spall, Co-CEO
Tel: 902-499-7183 Tel: 403-470-4355

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
Completion of the Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.

The Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this news release.

This news release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer's business, capital, or operations that is prospective in nature, and includes future-oriented financial information about the issuer's prospective financial performance or financial position.

The forward-looking information in this news release includes disclosure about the terms of the proposed Transaction, its anticipated closing date, the proposed structure of the Transaction, the terms of the concurrent financing and the business and operations of the Company after the completion of the Transaction, the operational and financial results of the portfolio companies, and the value of the Portfolio.

The Company has made certain material assumptions, including but not limited to: prevailing market conditions; general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; the terms of the proposed financing; the ability of the Company to execute and achieve its business objectives after the closing of the Transaction; the historical financial performance of the Portfolio companies; management's expectations of future performance of the Portfolio companies, and the consummation of transactions in order agreements to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include, but are not limited to: adverse market conditions; the inability of the Company or the Vendors to complete the Transaction on the terms disclosed in this news release, or at all; the inability of the Company to obtain TSXV acceptance and the approval of its shareholders; the unavailability of exemptions from prospectus requirements for the issuance of shares under the financing; refusal of the proposed directors or officers to act for any reason, including conflicts of interest; reliance on key and qualified personnel; regulatory and other risks associated with the industries in which the Company's portfolio companies operate, in general; and the failure to complete the transactions contemplated by order agreement. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive.

The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.
 
#Sat May 26, 2018
BLACK BULL RESOURCES INC. ANNOUNCES UPDATE TO PROPOSED CHANGE OF BUSINESS AND UPDATE ON TERMS OF OFFERING

 Shelburne, NS -- May 26, 2018 -- Black Bull Resources Inc. (NEX: BBS.H) ("Black Bull" or the "Company") is pleased to announce that the Company has signed an amendment (the "Amending Agreement") to the previously announced Definitive Agreement dated September 19, 2017, with a group of investment and business professionals to effect an arm's length Change of Business (the "Transaction") as defined in Policy 5.2 of the TSX Venture Exchange (the "Exchange" or "TSXV"). The Transaction which, is subject to regulatory and final closing conditions, will see Black Bull transition from a Resource Issuer to an Investment Issuer within the meaning of such terms as defined in the policies of the TSXV. As the Transaction satisfies the requirements of Section 4.1 of TSXV Policy 5.2, including that the Transaction is an arm's length transaction involving an issuer listed on the NEX ("NEX" is a separate trading board of TSX Venture Exchange), as well as there being no requirement for shareholder approval under applicable corporate or securities laws, it is anticipated that no shareholder approval will be required. As a condition of Closing (defined below), the Company and Vendors are required to jointly complete a brokered private placement financing (the "Financing") for not less than $3.0 million CAD of gross proceeds. To date, commitments with respect to the Financing are excess of approximately $1.0 million CAD.

Financing
Under the Financing, the Company will issue up to $1.5 million in subscription receipts for up to 15,000,000 common shares ("Common Share Receipts"), priced at $0.10 per Common Share Receipt, and a minimum of $1.5 million in subscription receipts for up to 150,000 Preferred Shares ("Preferred Share Receipts", and together with Common Share Receipts the "Subscription Receipts") priced at $10.00 per Preferred Share Receipt (the "Offering"). The gross proceeds of the Offering, less certain fees and expenses of the agent (the "Agent"), will be placed in escrow on behalf of the purchasers of Subscription Receipts and will be released to the Company upon satisfaction of certain escrow release conditions, which will include the completion of the Transaction. Should the escrow release conditions not be satisfied, the Subscription Receipts will be cancelled and all proceeds from the sale of Subscription Receipts will be returned to subscribers. Proceeds from the Offering will be used for investment and general corporate and working capital purposes. A subsequent news release will be issued with further details on the fees and compensation payable to the Agent.

Each Common Share Receipt entitles the holder to receive, upon satisfaction of the escrow release conditions on or before the escrow release deadline, and without payment of additional consideration, one common share of Black Bull. Each Preferred Share Receipt entitles the holder to receive, upon satisfaction of the escrow release conditions on or before the escrow release deadline, and without payment of additional consideration, one Preferred Share (defined below) of Black Bull.

The Financing is subject to regulatory approvals, including approval of the TSXV.

The Transaction
Under the amended terms of the Transaction, the Company will acquire certain shareholdings (the "Purchase Assets") from Mr. Kevin Spall, Mr. Ian Wild and Mr. Andrew Osis (collectively referred to as the "Vendors") in exchange for the issuance of 38,000,000 common shares of the Company, being an additional 10,000,000 common shares more than pursuant to the Definitive Agreement dated September 19, 2017, at a deemed price of $0.05 per common share, as well as the creation and issuance to the Vendors of 1,000,000 Preferred Series B Shares ("Preferred Shares" or "Preferred Share") of the Company at a deemed price of $1.00 per Preferred Share, for aggregate deemed consideration of $2,900,000. After the closing of the Transaction there will be 56,552,287 common shares outstanding assuming the issuance of the maximum number of Common Share Receipts under the Offering. There are currently no Preferred Shares issued and outstanding.

The Purchase Assets will be comprised of all of the Vendors' equity interests in Bioshield Corp. ("Bioshield"), Ignite Collaboration Services Group, Inc. ("Ignite"), Power Symmetry Inc. ("Power Symmetry") and Previcare Corp. ("Previcare") (collectively referred to as the "Investee Companies"). The Vendors have been involved with each of the Investee Companies since their inception, providing strategic, operational, and financial advice, and working with each of the Investee Companies to help shape their business plans. Bioshield, formed in 2016, is a specialty chemical company and is incorporated under the laws of Ontario. Founded in 2011 and incorporated under the laws of Alberta, Ignite is a telecommunication services provider that focuses on video collaboration and audio/visual integration solutions to organizations across Canada, and is now expanding into the United States. Power Symmetry, incorporated under the laws of Ontario in 2013, is in the business of providing power grid and energy storage applications. Previcare, formed in 2017, is a specialty chemical company and is incorporated under the laws of Ontario.

The Purchase Assets are comprised of 15 common shares (representing 15% of the issued and outstanding common shares) of Previcare, 15 common shares (representing 15% of the issued and outstanding common shares) of Bioshield, 500 shares (representing 1.2% of the issued and outstanding shares) of Ignite, and 40 shares (representing 40% of the issued and outstanding shares) of Power Symmetry Inc.

For more comprehensive detail on the Purchase Assets, the Company strongly recommends that investors review the filing statement or information circular to be prepared and submitted in connection with the Transaction.

Upon closing of the Transaction (the "Closing"), Mr. Kevin Spall and Mr. Andrew Osis will be appointed as joint Chief Executive Officer of the Company and Mr. Ian Wild will be appointed as Chairman of the Board of Directors. For more details on the board of directors, officers and senior management of the Company after Closing, refer to the Company's press release dated September 26, 2017.

Sponsorship of a "Change of Business" transaction is required by the Exchange unless exempt therefrom in accordance with the Exchange's policies or unless the Exchange provides a waiver. The Company intends to apply for an exemption from the sponsorship requirements pursuant to Section 3.4(a)(ii) of Policy 2.2 of the Exchange. If the exemption is not granted by the Exchange, then the Company would be required to engage a sponsor or will seek a waiver from the sponsorship requirement.

Black Bull Common Share Trading
Trading of Black Bull Common Shares was halted effective Tuesday September 19th, 2017. Effective April 30, 2018, cease trade order issued was revoked by the British Columbia Securities Commission, but it is unlikely that the Common Shares will resume trading until the Transaction is completed and approved by the Exchange. The Vendors have continued to source and develop Investee Companies that will contribute to the Transaction during this time.

Post-Closing
Upon Closing, the Company intends to change its name to Magnetic North Acquisition Corp., ("Magnetic" or "Magnetic North"), or such other name as the management team may determine. It is anticipated that the Exchange would assign a new trading symbol at the time of the name change. Upon Closing, the Company intends to be listed on the TSXV as a Tier 2 Investment Issuer.

The business of the Magnetic North will become hands-on merchant banking. The existing management and Board of Directors of the Company will, upon Closing, resign from the Company, and Magnetic will appoint certain individuals to constitute the new management and Board of Directors (the "Magnetic Team"). The Magnetic Team is a working group of highly experienced professionals in finance, operations and strategy. The core principle of which is that "capital alone doesn't solve problems." Magnetic will provide capital, management and Board level representation to its Investee Companies in order to drive significant growth. The Magnetic Team believes that capital coupled with expertise and experience provides a superior return on investment to investors.

For Further Information, Please Contact:

For Black Bull Resources Inc. For Magnetic North Acquisition Corp.
Martin MacKinnon, CFO Andrew Osis, CEO
Tel: 902-499-7183 Tel: 403-470-4355


CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
Completion of the Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.

The Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this news release.

This news release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer's business, capital, or operations that is prospective in nature, and includes future-oriented financial information about the issuer's prospective financial performance or financial position.

The forward-looking information in this news release includes disclosure about the terms of the proposed Transaction, its anticipated closing date, the proposed structure of the Transaction, the terms and timing of the concurrent financing and the business and operations of the Company after the completion of the Transaction.

The Company has made certain material assumptions, including but not limited to: prevailing market conditions; general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; the completion of the proposed financing; and the ability of the Company to execute and achieve its business objectives after the closing of the Transaction, to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include, but are not limited to: adverse market conditions; the inability of the Company or the Vendors to complete the Transaction on the terms disclosed in this news release, or at all; the inability of the Company to obtain TSXV acceptance and the approval of its shareholders; the unavailability of exemptions from prospectus requirements for the issuance of shares under the financing; refusal of the proposed directors or officers to act for any reason, including conflicts of interest; reliance on key and qualified personnel; and regulatory and other risks associated with the industries in which the Company's portfolio companies operate, in general. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive.

The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.
 
#Thu May 17, 2018
Black Bull Resources Inc. Announces March 31, 2018 -- Interim Financial Statement Release

 Shelburne, NS --- May 17, 2017 --- Black Bull Resources Inc. (NEX:BBS.H) has released its Interim Report including the Financial Statements and Management's Discussion & Analysis for the first fiscal quarter ended March 31, 2018.

The Company recorded a net and comprehensive loss for the three-month period of $40,987 versus $31,594 for March 31, 2017, or ($0.01) per share versus ($0.01). Allowing for non-cash operating expense of $1,248 compared to $1,199 for March 31, 2017, the Company's operational cash flow loss was $39,739 versus $30,396 for March 31, 2017.

Year to date, the Company recorded a net and comprehensive loss of $61,899 versus $56,802 for the six-month period ended March 31, 2017, or ($0.02) per share vs. ($0.02). Allowing for non-cash operating expense of $2,497 compared to $2,397 for March 31, 2017, the Company's operational cash flow loss was $59,402 vs. $54,405 for March 31, 2017.

As a result of a review by the British Columbia Securities Commission ("BCSC"), issued a Cease Trade Order on March 7, 2018. Interim Statements that were filed on SEDAR were reviewed by the BCSC and several amendments were required. Furthermore, a review of the BCSC also required changes to the year end September 30, 2017 MD&A. Several copies of the Financial Statements and MD&A were mistakenly filed on SEDAR by the Company due uncertainty as to the processes under a Cease Trade Order.

On April 30, 2018 the British Columbia Securities Commission revoked the Cease Trade Order

"The focus continues to be to reduce cash burn." says Chris Every President and CEO, "While the Company's future is uncertain the Company is working to conclude an asset purchase agreement with a group of investment and business professionals to affect an arm's length "Change of Business" transaction (as defined in Policy 5.2 of the TSX Venture Exchange).


About Black Bull Resources Inc.
Black Bull Resources Inc. is a Canadian mining company based in Nova Scotia that owns the White Rock Mine near Shelburne. The mine produces a unique, bright, white, high-purity quartz, marketed under the Scotia WhiteTM trademark which is used in a range of value-added, specialty products.

The White Rock Property also contains an identified resource of kaolin and mica.

Further detailed information may be obtained from the Company's website www.blackbullresources.com or corporate filings at www.SEDAR.com. For other Company information contact:
Martin MacKinnon CFO
Black Bull Resources Inc.
Tel: 902-499-7183
Fax: 902-492-0700

FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements. All statements, other than statements of historical fact, included herein, including without limitation statements regarding the Company's mining properties, development results or future plans, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in mineral prices, fluctuations in currency exchange rates, uncertainties relating to the availability and costs of financing needed in the future, the capital and operating costs varying significantly from estimates, delays in the development of projects, as well as those risk factors discussed or referred to in Management's Discussion and Analysis under the heading "[Risks and Uncertainties]" and other documents filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available at www.sedar.com.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Unless required by law, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.

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.
 

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