/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
Shares outstanding: 271 Million
Symbol & Exchange: BN-TSXV
MONTREAL, March 20 /CNW Telbec/ - Blue Note Mining (the "Company")
announced today that it has engaged a syndicate of agents bookrun by TD
Securities Inc., and including Octagon Capital Corporation, to assist the
Company in raising approximately $30 million in aggregate gross proceeds by
way of a brokered private placement of Units, each comprised of a senior
secured note and a small number of common shares ("the Offering").
Net proceeds of the Offering will be used for expenditures relating to
ongoing mining development and maintenance of the Caribou and Restigouche
mines and for general and operating working capital purposes.
The Offering will consist of Units, each of which is comprised of a
senior secured note in the principal amount of $ 1,000 and a limited number of
common shares of Blue Note. The units will be sold by way of a brokered
private placement to investors resident in Canada and some other jurisdictions
(other than the United States).
The terms and attributes of the Notes and the number of common shares to
be included in each unit will be determined in accordance with current market
prices, practices and conditions. The Offering is subject to certain
conditions including, but not limited to, the receipt of all necessary
corporate and regulatory approvals, including the acceptance of the TSX
The Offering is expected to close by the end of April, 2007. The Agents
will be granted an option to purchase up to an additional 15% of the number of
Units sold to cover over-allotments, if any on the same terms and conditions
by written notice to the Company. All figures are in Canadian dollars unless
The Company's securities have not been registered under the US Securities
Act of 1933, as amended, and will not be offered, sold or re-sold in the
United States or to a US person without registration or an exemption from
Blue Note Mining is a mineral exploration and mine development company
with properties in New Brunswick. The company's shares trade on the TSX
Venture Exchange 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 TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
For further information:
For further information: Lorne Woods, Vice President, Investor
Relations, Blue Note Mining, (800) 937-3095, firstname.lastname@example.org;