Shares Outstanding: 363 Million
Symbol & Exchange: BN-NEX
MONTREAL, May 22 /CNW Telbec/ - Blue Note Mining Inc. ("Blue Note" or the
"Company") reports that its wholly-owned subsidiary, Blue Note Caribou Mines
Inc. ("Caribou"), has obtained an order from the New Brunswick Court of
Queen's Bench extending creditor protection under the Companies' Creditors
Arrangement Act ("CCAA") originally granted on February 20, 2009 (the "Initial
The New Brunswick Court of Queen's Bench has granted CCAA protection for
an additional 6 months expiring on November 21, 2009, to be extended
thereafter as the Court deems appropriate.
The Court heard the report of PricewaterhouseCoopers Inc., the Court
appointed monitor. The monitor reported extensive efforts to solicit offers
for purchase of Caribou's business as a going concern. Those efforts will
continue, however, the monitor has been granted power to proceed to liquidate
certain of Caribou's assets with the proceeds of sale being distributed to
payment of administrative costs and to secured creditors. Dispositions of land
assets in New Brunswick will require further Court approval and submissions
from interested parties.
The monitor and the Province of New Brunswick are cooperating in
connection with the formal reclamation process currently being undertaken by
the Province with respect to the mines owned by Caribou. The reclamation
process and cooperation between the monitor and the Province will continue.
Blue Note Mining is a Canadian mining company headquartered in Montreal
with operations in Bathurst, New Brunswick. The company's shares trade on the
NEX under the symbol BN.
This news release contains discussion of items that may constitute
forward-looking statements within the meaning of securities laws that involve
risks and uncertainties. Although the company believes the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, it can give no assurances that its expectations will be achieved.
Factors that could cause actual results to differ materially from expectations
include the effects of general economic conditions, actions by government
authorities, uncertainties associated with contract negotiations, additional
financing requirements, market acceptance of the Company's products and
competitive pressures. These factors and others are more fully discussed in
Company filings with Canadian securities regulatory authorities.
The NEX does not accept responsibility for the adequacy or accuracy of
this news release.
For further information:
For further information: Robert Smith, PricewaterhouseCoopers Inc.,