11:41 AM EST - Blackhawk Resource Corp. : and Black Bore Exploration Ltd. announced that they have entered into a letter of intent, where the parties have agreed to negotiate a definitive agreement relating to a combination transaction pursuant to which Blackhawk will acquire all of the issued and outstanding securities of Black Bore. Pursuant to the Letter of Intent, the parties have agreed to the essential terms of the Transaction. If the Transaction is completed, Blackhawk will issue units to the Black Bore shareholders having a deemed value of $0.12 per Unit, which implies an entity minimum value for Black Bore of about $923,360 plus if certain production performance targets are satisfied in the 18 months following closing a further 12.31 million Blackhawk shares will be issued pursuant to the Performance Rights for a further consideration value of $1.48 million. As such, if the Transaction is completed, upon Closing Blackhawk will have 37.73 million common shares issued and outstanding plus Performance Rights to acquire a further 12.31 million Blackhawk shares. Blackhawk Resource Corp.
shares V.BLR are trading even at $0.11.
