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

News Releases

#Wed Apr 10, 2019
BLACK BULL RESOURCES INC. ANNOUNCES COMPLETION OF SECOND CLOSING OF PRIVATE PLACEMENT AND EXPECTED COMPLETION OF THE TRANSACTION ON OR BEFORE APRIL 30, 2019

 Shelburne, NS -- April 10, 2019 -- Black Bull Resources Inc. (NEX: BBS.H) ("Black Bull" or the "Company") is pleased to announce that the Company has raised $1,304,990 in its private placement financing (the "Offering") through the sale of 130,499 Series A Preferred Shares (the "Preferred Shares"). The financing is in addition to the Company's previously announced closing on March 18, 2019, bringing the total funds raised under the Offering to approximately $2.6 million. Black Bull expects to close on the remaining funds under the Offering on or before April 30, 2019, thereby fulfilling one of the conditions of its arm's length business transaction (the "Transaction") with a group of investment and business professionals (collectively, the "Vendors"). For further details on the Transaction, please see the Company's press releases of March 18, 2019, May 25, 2018 and September 26, 2017.

As a condition of closing (the "Closing") of the Transaction, the Company and the Vendors are required to jointly complete the Offering for gross proceeds of not less than $3.0 million. Under the Offering, the Company has contemplated issuing up to 12,000,000 common shares in the capital of Black Bull at a price of $0.10 per common share, and a minimum of 180,000 Preferred Shares at a price of $10.00 per Preferred Share. The proceeds of the Offering will be used for investment and general corporate and working capital purposes.

Completion of the Closing is subject to a number of conditions, including but not limited to: requisite regulatory, corporate, and third-party approvals, including final TSXV approval. Upon Closing, the Company intends to change its name to Magnetic North Acquisition Corp., or such other name as the management team may determine. It is anticipated that the TSXV 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.

For Further information, please contact:

Black Bull Resources Inc. Magnetic North Acquisition Corp.
Martin MacKinnon, CFO Andrew Osis, 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, TSXV 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 TSXV 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 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; and the consummation of transactions in order 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.
 
#Mon Mar 18, 2019
BLACK BULL RESOURCES INC. ANNOUNCES RECEIPT OF CONDITIONAL APPROVAL FROM TSX VENTURE EXCHANGE FOR CHANGE OF BUSINESS TRANSACTION AND COMPLETES INITIAL CLOSINGS OF PRIVATE PLACEMENT

 Shelburne, NS -- March 18, 2019 -- Black Bull Resources Inc. (NEX: BBS.H) ("Black Bull" or the "Company") is pleased to announce that the Company has received conditional approval from the TSX Venture Exchange Inc. (the "Exchange" or "TSXV") regarding the previously announced arm's length Change of Business transaction, as defined in Policy 5.2 of the TSXV, (the "Transaction") with a group of investment and business professionals (collectively, the "Vendors"). 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 conditional approval has a variety of conditions, all of which have been or will be satisfied in the coming days. For further details on the Transaction, please see the Company's press releases of May 25, 2018 and September 26, 2017.

As a condition of completion of the Transaction (the "Closing"), the Company and Vendors are required to jointly complete a private placement financing (the "Offering") of not less than $3.0 million. Under the Offering, the Company is contemplating issuing up to 12,000,000 common shares in the capital of Black Bull at a price of $0.10 per common share, and a minimum of 180,000 series A preferred shares (the "Preferred Shares") at a price of $10.00 per Preferred Share. The minimum gross proceeds of the Offering of $3.0 million will be used for investment and general corporate and working capital purposes. To date the Company has closed on approximately $1.3 million of the Offering, and has commitments of a further $1.7 million. Final closing on the financing is expected to occur on or before April 10th, 2019.

The Transaction satisfies the requirements of Section 4.1 of TSXV Policy 5.2, as 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). The Company has received a waiver from the sponsorship requirements pursuant to Section 3.4(a)(ii) of Policy 2.2 of the Exchange.

Investee Companies Development

Post-Closing, Black Bull will be an Investment Issuer, which would manage a portfolio of corporate assets (the "Portfolio"), which are included in the Transaction (see the Company's press release dated May 25, 2018). The Company continues to accelerate its involvement in the Portfolio in order to drive an incremental increase in value after completion of the Transaction. The proposed new management team (as outlined in the Company's September 26, 2017 press release) has worked to significantly advance the value of the Portfolio, and there is significant additional growth planned for the Portfolio that management is hopeful will have dramatic revenue, cash flow and earnings growth throughout the second half of 2019.

Black Bull has used a portion of the Offering proceeds to make initial investments into each of Previcare and Foamtech to preserve the terms of the investment and to inject capital in each of those companies to capture key opportunities.

Closing

Completion of the Transaction (the "Closing") is subject to a number of conditions, including but not limited to: requisite regulatory, corporate, and third-party approvals, including final Exchange approval.

Post-Closing

Upon Closing, the Company intends to change its name to Magnetic North Acquisition Corp., 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.

For Further information, please contact:

Black Bull Resources Inc. Magnetic North Acquisition Corp.
Martin MacKinnon, CFO Andrew Osis, 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.
 
#Wed Feb 27, 2019
Black Bull Resources Inc. Announces December 31, 2018 -- Interim Financial Statement Release

 Shelburne, NS ---February 27, 2019 --- 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 December 31, 2018.

The Company recorded a net and comprehensive loss for the three-month period of $21,699 versus $20,912 for December 31, 2016, or ($0.01) per share versus ($0.01). Allowing for non-cash operating expense of $1,248 compared to $1,249 for December 31, 2017, the Company's operational cash loss was $20,421 versus $19,663 for December 31, 2017.

"The focus continues to complete a transaction" says Chris E Every President and CEO, "and reduce cash burn, although the Company's future is uncertain"

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.
 
#Thu Feb 21, 2019
Black Bull Resources Inc. Announces it has signed an extension to the Option Agreement with Infrastructure Commodities Limited

 Shelburne, NS --- February 21, 2019 --- Black Bull Resources Inc. (NEX:BBS.H) On February 18, 2019, the Company entered into an option agreement with Infrastructure Commodities Limited ("ICML"), a related party by virtue of a common officer and director. Under the terms of the agreement, the Company granted ICML the sole and exclusive right and option to explore and mine the Company's White Rock property located in Yarmouth County, Nova Scotia. In consideration of the grant of the option, ICML will pay to the Company 50% of the net after tax profits from the sale of quartz, kaolin and mica products mined at the property.

The agreement is subject to several conditions to closing as follows:
• Within 1 month of the option grant date, and no later than Feb 28, 2019, ICML must prepare a paper describing the anticipated exploitation prospects to facilitate the preparation of a bankable report;

• Within 3 months of the option grant date, and not later than May 28, 2019, ICML must:

a) Research and prepare a review of the applicable quartz market 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.

• Within 4 months of the option grant date, and not later than June 28, 2019, ICML 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.

• Within 6 months of the option grant date, and not later than July 28, 2019, ICML must be prepared to review project possibilities with the Company for the way forward for exploitation of the property for quartz, kaolin and mica production and sale of aforesaid.

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.

About Infrastructure Commodities (Mauritius) Ltd ("ICML"),
ICML is 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 establish growth, as cornerstone and via co-fund projects, utilizing a variety of instruments including, equity, debt, royalty structures and streaming for example.
 
#Mon Jan 28, 2019
Black Bull Resources Inc. Announces September 30, 2018 -- Annual Financial Statement Release

 

Shelburne, NS --- January 28, 2019 --- Black Bull Resources Inc. (NEX:BBS.H released the Audited Financial Statements and Management Discussion & Analysis (MD&A) for the year ended September 30, 2018.

The Company reports a net loss for the year of $114,750 compared to a net loss in 2017 of $175,829 or $0.03, per share ($0.05 in 2017). There was nil revenue ($nil in 2017) as the Company is in care and maintenance. The Company recorded $4,7991 ($37.697 in 2017) in noncash operating expenses resulting in a net cash loss from operations of $109,759 ($138,132 in 2017) or $0.03 per share ($0.04 in 2017).

During the fourth quarter, the Company reports a net loss of $25,977 (net loss of $78,640 in 2017) or $0.01 per share ($0.01 in 2017). The Company recorded $1,246 ($34,100 in 2017) in non-cash operating items resulting in a net cash loss from operations of $24,731 (net loss of $44,540 in 2017) or $0.01 per share ($0.01 in 2017).

The Company continues to work through the previously announced change of business transaction. More information will be released as it becomes available. In addition, during 2018, the Company secured a demand loan of $108,595 from a director, which provided the ongoing working capital for the company while the aforementioned transaction is completed"

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:

Chris Every CEO
Black Bull Resources Inc.
Mb: +44 (0)7970 829499

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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