CALGARY, Dec. 20 /CNW/ - Blackpool Exploration Ltd. (the "Company") (BPX.A - TSX Venture Exchange) announces that it intends to issue up to 6,000,000 Units under a non-brokered private placement. Each Unit will be issued at $0.25 and will consist of one Flow-Through Common Share plus one-half of one Common Share purchase warrant. Each whole warrant will allow the holder to purchase an additional common share at an exercise price of $0.40 within twenty-four months of the date of issuance. The minimum offering is C$500,000 (2 million Units) and the maximum offering is C$1,500,000 (six million Units). The anticipated closing date is December 28, 2006. Subscribers will receive an Offering Memorandum. The securities will be subject to a four month hold period. Insiders of the Company may participate in this private placement which will not result in a change of control of the Company.
Licensed advisors and dealers will be paid a cash commission equal to 8% of the gross proceeds raised by such advisor or dealer together with warrants ("Dealer Warrants") equal to 8% of the number of Units sold by such advisor or dealer. Each Dealer Warrant will entitle the holder to subscribe for one common share of the Company at an exercise price of $0.25 per share and will expire twenty-four months after the date of issuance. Subject to TSX Venture Exchange guidelines and approval, the Company will pay to non-licensed finders a cash finder's fee equal to 6% of the gross proceeds raised in the offering from subscribers introduced to the Company by such finders and the Company will grant Dealer Warrants to each finder in a number equal to 8% of the number of Units sold by the Company to subscribers introduced to the Company by such finders.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.