BLUE RIVER RESOURCES LTD. CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT OFFERING AND ADDITIONAL STAKING
Vancouver, BC – July 18, 2013 - Blue River Resources Ltd. (the "Company" or "Blue River") (TSX Venture: BXR) (http://www.blueriv.com) is pleased to announce that further to its news release dated June 21, 2013, it has completed the first tranche of a non-brokered private placement of 6,572,500 units at a price of $0.08 per unit for gross proceeds of approximately $525,800 (the “Offering”).
Each unit consists of one common share (a “Share”) and one-half of a share purchase warrant (a "Warrant") of the Company. Each full Warrant (a "Warrant") will entitle the holder to purchase an additional Share (a "Warrant Share") of the Company for a period of five (5) years following the date of issuance of the Warrants at a price of $0.15 per Warrant Share.
The Company issued to the finders under the private placement a total of 10,000 finders' warrants to purchase up to 10,000 Shares at a price of $0.10 per Share for a period of five (5) years. In addition, the Company paid cash commissions to the finders totalling $31,300.
The Shares and Warrants issued pursuant to the private placement and any Warrant Shares issued on exercise of the Warrants are subject to four-month resale restriction that expires on November 16, 2013.
The proceeds raised will be used for the previously announced exploration and drilling program on the Mazama copper project and for general corporate purposes.
MAZAMA EXPLORATION UPDATE
The Company has completed a LIDAR topographic survey and has staked additional claims at the Mazama Copper Project, increasing its size by 35%. The Mazama Property now totals about 800 hectares. The new claims cover areas that are deemed to be highly prospective for new zones of copper mineralization.
The Company has contracted Dorado Drilling for a 2500 meter diamond drill program (deposit paid) on the Mazama Copper Project and has also contracted Discovery Consultants for geological consulting.
The technical information contained in this news release was reviewed and approved by Paul D. Gray, P. Geo, a qualified person as defined under National Instrument 43-101.
ON BEHALF OF THE BOARD
BLUE RIVER RESOURCES LTD.
/s/ Griffin Jones
For further information contact:
Tel: (604) 682-7339
Neither 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.