NEW YORK, Oct. 10, 2012 /PRNewswire/ -- Blackhawk Capital Group BDC, Inc. (OTCBB: BHCG), a business development company registered under the Investment Company Act of 1940 ("Blackhawk"), filed a Form 8-K on October 9, 2012 with the U.S. Securities and Exchange Commission reporting that Blackhawk has entered into a Transaction Agreement dated October 5, 2012 with Rosmir Capital Corp of Toronto, Canada, pursuant to which Rosmir will make available, no later than thirty (30) days from the date of the Agreement, a 2-year loan to Blackhawk in the amount of US$1.0 million pursuant to a convertible note from Blackhawk to Rosmir, the proceeds of which will be used to pay outstanding Blackhawk invoices and registration expenses and to pay for other working capital needs in connection with operating Blackhawk's business, as well as a 2-year loan to Blackhawk's affiliate The Concorde Group, Inc. ("Concorde") in an amount not less than US$1.0 million pursuant to a senior secured convertible note from Concorde to Rosmir. Dr. Craig A. Zabala is the founder of Blackhawk; together, he and Concorde are Blackhawk's largest shareholders. Concorde is assisting Blackhawk in securing the Blackhawk loan. Blackhawk and Concorde must satisfy certain conditions to obtain the loans, and there can be no assurance that they will obtain the loans.
See the Form 8-K filed on SEC Edgar on October 9, 2012 for a more complete description of the terms and conditions of the transaction.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security. The securities have not been registered under any federal or state securities laws. Neither the Securities and Exchange Commission nor any state securities commission has in any way passed upon the merits of, or given approval to, guaranteed or recommended the securities offered by Blackhawk or the terms of the offering or has determined that the securities are exempt from registration.
Blackhawk is a business development company registered under the Investment Company Act of 1940 and was formed in April 2004.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. The matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties.
Blackhawk Capital Group BDC, Inc.
Dr. Craig A. Zabala
Chairman and Chief Executive Officer
SOURCE Blackhawk Capital Group BDC, Inc.