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Client Work

Blue Note Mining closes US$25 million private placement

Fasken
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Client

TD Securities Inc.

On May 4, 2007, Blue Note Mining Inc. announced that it had closed a private placement of $25 million of units. The Offering was made to investors through a syndicate led by TD Securities Inc. and including Octagon Capital Corporation (the "Agents"). A total of 3,750,000 Common Shares and $25 million principal amount of secured Notes were issued in connection with the Offering. Blue Note Mining is a mineral exploration and mine development company with properties in New Brunswick. The company's shares trade on the TSX Venture Exchange under the symbol BN. Net proceeds of the Offering will be used for expenditures relating to ongoing mining development and maintenance of the Caribou and Restigouche mines and for general and operating working capital purposes. The Agents were advised by Fasken Martineau with a team that included Chuck Higgins, Krisztian Toth and Jeffrey Klam (securities); David Johnson (debt financing); Sarah Mamoser (corporate); and Charles Kazaz (environmental).

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