BGX arranges private placement for up to $2-million

Mr. Francisco Gulisano reports BGX -- BLACK GOLD CORPORATION ANNOUNCES PRIVATE PLACEMENT BGX -- Black Gold Exploration Corp. intends to carry out a non-brokered private placement of up to 33,333,333 units of the company at a price of six cents per unit, for aggregate gross proceeds of up to $2-million. The securities issued under the offering will be subject to a statutory hold period of four months and one day from the date of issuance. Each unit will consist of one common share in the capital of the company and one transferable common share purchase warrant, each warrant to be exercisable at 12 cents for a period of 24 months following the closing of the offering, provided that, if the closing price of the common shares on the Canadian Securities Exchange exceeds 25 cents per common share for three consecutive trading days, the company shall have the right to accelerate the expiry date of the warrants to a date that is 30 days from date on which the company issues an acceleration notice through a news release, provided the acceleration notice is issued within 10 calendar days of the acceleration date. Completion of the offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange. The company intends to use the net proceeds from the offering for marketing and general working capital, and to finance the drilling and completion of wells in the company's designated area of mutual interest, as part of its continuing strategy to increase production and expand reserves. About BGX -- Black Gold Exploration Corp. BGX is an oil and gas exploration company dedicated to creating shareholder value through the acquisition, exploration and development of oil and gas projects. The company currently has assets in Argentina and the United States. We seek Safe Harbor.