BLUE RIVER RESOURCES LTD. ANNOUNCES CLOSING OF SHARE EXCHANGE
Vancouver, BC March 7, 2014 - Blue River Resources Ltd. (the "Company" or "Blue River") (TSX VENTURE: BXR) announces, further to its news release of January 23, 2014, that it has closed its securities exchange with Global Resources Investment Trust plc (“GRIT”).
The Company issued 10,000,000 common shares at a deemed price of $0.067 per share to GRIT, in exchange for 359,515 ordinary shares of GRIT (the “GRIT Shares”), at the deemed price of £1.00 per GRIT Share. The securities issued to GRIT are subject to resale restrictions expiring July 8, 2014.
The Company intends to sell the GRIT Shares through the facilities of the London Stock Exchange. During the first six months, all sales of GRIT Shares will be arranged by GRIT. While the Company will seek to maximize the proceeds it receives from the sale of its GRIT Shares, there is no assurance as to the timing of disposition or the amount that will be realized. Funds realized from the sale of the GRIT Shares will be used by the Company for drill programs on the Mazama Copper project in Okanogan County, Washington and the Castle Copper Project, near Princeton BC.
The GRIT Shares were distributed pursuant to a prospectus published by GRIT in the UK on February 28, 2014. GRIT’s application to list its ordinary shares on the premium listing segment of the Official List and to trade on the London Stock Exchange’s main market became effective today. GRIT’s distribution of the GRIT Shares to the Company and other Canadian based issuers was also made pursuant to a discretionary exemption order granted by the Ontario and British Columbia Securities Commissions by order dated November 13, 2013.
GRIT has been established to exploit investment opportunities in the junior mining and natural resources sectors worldwide, with an investment objective to generate medium and long-term capital growth. GRIT has conducted share exchange transactions with 41 junior resource companies (32 headquartered in Canada), acquiring an initial portfolio of their securities in exchange for 39,520,012 ordinary shares having a deemed value of £39,520,012 (approximately C$73,250,000).
The Company has paid $17,000 in cash and has issued 608,208 shares at a deemed price of $0.067 per share as a finder’s fee in connection with the transaction.
The Company also announces that it has issued 2,000,000 common shares to Mazama Minerals Inc. pursuant to its property option agreement with Mazama Minerals Inc. The shares are subject to a resale restriction expiring July 5, 2014.
ON BEHALF OF THE BOARD
BLUE RIVER RESOURCES LTD.
Tel: (604) 682-7339