BRILLIANT REVISES PRIVATE PLACEMENT TERMS
April 17, 2006
Vancouver, B.C. - Brilliant Mining Corp. (TSX.V: BMC - the "Company") announces the following changes to the private placement previously announced on March 6, 2006. The Company will be completing the private placement by initially issuing 12,501,000 subscription receipts at a price of $0.80 per subscription receipt, which subscription receipts are exchangeable into units (the "Units") of the Company, provided certain release conditions are satisfied on or before June 30, 2006. Upon the exchange of the subscription receipts, the Company will issue up to 12,501,000 Units, with each Unit consisting of one common share and one-half of one common share purchase warrant (each whole warrant, a "Warrant"), for gross proceeds of up to $10,000,800. Each Warrant will be exercisable into one common share for two years from the closing date at a price of $1.05. The Company has also increased the number of Units available to the agents pursuant to the over-allotment option exercisable at any time prior to the closing of the private placement, to up to an additional 2,500,200 Units.
The gross proceeds of the sale of the subscription receipts will be held in escrow pending the satisfaction of certain release conditions pertaining to the Company completing its proposed acquisition of Donegal Resources Pty Ltd, which holds a 25% interest in the Lanfranchi Joint Venture, host to the producing Lanfranchi Nickel Mine, in Western Australia. This proposed acquisition was announced February 6, 2006. Upon satisfaction of the release conditions, the subscription receipts will be deemed exercised into Units, and the Company will receive the proceeds net of agents' fees. If the release conditions are not satisfied on or before June 30, 2006, all purchasers of Subscription Receipts will have the option to have their Subscription Receipts repurchased by the Company or exchanged into Units.
All other terms of the private placement are the same as previously announced.
Brilliant Mining Corp. (BMC: TSXV) is focused on the identification, exploration and development of nickel opportunities world wide. The Company currently has 3 active nickel projects in Canada, including the Michikamau property in central Labrador, and is in the process of acquiring Donegal Resources Pty. Ltd., a private Australian mining company, which holds a 25% interest in the Tramways Tenements Project in Western Australia, host to the producing Lanfranchi Nickel Mine.
On behalf of the Board of Directors
"Mike Sieb"
Mike Sieb, B.Sc., MBA
President
Brilliant Mining Corporation
For further information about Brilliant Mining Corporation, or this news release, please visit our website at www.brilliantmining.com, or call Mike Sieb, President, at 604.331.2263.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain disclosures in this release, including management's assessment of Brilliant's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Brilliant's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Brilliant expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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