VANCOUVER, British Columbia, June 16, 2009 (GLOBE NEWSWIRE) -- Black Tusk Minerals Inc. (OTCBB:BKTK) (Frankfurt:4HH) (the "Company") is pleased to announce that on May 29, 2009, the Company entered into fee arrangement agreements with Dorsey & Whitney LLP and Rodrigo, Elias & Medrano Abogados, to settle the payment of legal fees.
Under the terms of the agreement with Dorsey & Whitney LLP, the Company settled the obligation by (i) issuing a convertible promissory note in the principal amount of $50,000, accruing interest at the rate of 4% per annum, due and payable on the earlier of: (a) January 23, 2012, (b) the Company closing an acquisition transaction or (c) the date the Company raises financing of $250,000 or more; and (ii) issuing warrants exercisable until January 23, 2012 to purchase Two Hundred Fifty Thousand (250,000) shares of common stock at an exercise price of $0.20 per share.
Under the terms of the agreement with Rodrigo, Elias & Medrano Abogados, the Company settled the obligation by issuing a convertible promissory note in the principal amount of $11,500, accruing interest at the rate of 4% per annum, due and payable on the earlier of: (a) January 23, 2012, (b) the Company closing an acquisition transaction or (c) the date the Company raises financing of $250,000 or more; and (ii) issuing warrants exercisable until January 23, 2012 to purchase Fifty Thousand (50,000) shares of common stock at an exercise price of $0.20 per share.
Both agreements have an anti-dilution provision to adjust the conversion price of the warrants if the Company issues additional common stock or equivalents at a price lower than the conversion price with a floor of $0.10 per share.
ON BEHALF OF THE BOARD OF DIRECTORS: "GAVIN ROY" BLACK TUSK MINERALS INC.
About Black Tusk Minerals Inc.
The Company was incorporated on August 8, 2005 in the State of Nevada with the intention of acquiring mineral exploration projects. The Company's common stock is quoted on the Over-the-Counter Bulletin Board of the Financial Industry Regulatory Authority (formerly the National Association of Securities Dealers, Inc.) under the symbol "BKTK" and in Germany under the symbol 4HH.
Full financial statements and securities filings for the Company are available on www.sec.gov. For further information contact Gavin Roy, President and Director, by email at gavin@blacktuskminerals.com or website: www.blacktuskminerals.com
This press release includes forward-looking statements involving known and unknown risks, uncertainties and other factors that could cause actual results to vary materially from projected results. Please refer to a discussion of the Company's risk factors in the Company's 10-KSB, 10-QSBs, Form 8-Ks and other Securities and Exchange Commission filings which will be provided to you upon request. You should not place undue reliance on forward-looking statements. We undertake no obligation to update any forward-looking statement.