MONTREAL, May 16, 2013 /CNW Telbec/ - Blue Note Mining Inc. (TSXV: BNT) ("Blue Note") and its wholly-owned subsidiary X-Ore Resources Inc. (together, the "Companies") announce the filing today of a notice of intention (the "Notice") to file a proposal under the Bankruptcy and Insolvency Act (Canada). Pursuant to the Notice, PricewaterhouseCoopers Inc. ("PWC") has been appointed as the trustee in the Companies' proposal
proceedings and will assist the Companies in their restructuring
efforts. This filing follows Blue Note's strategic review of its
options caused by the lack of financing as previously announced on
April 15, 2013 and the subsequent cease-trade order issued by the
PWC will work with the Companies to solicit proposals for an investment
in the Companies or an acquisition of the Companies or their assets.
The filing of the Notice has the effect of imposing an automatic 30-day
stay of proceedings that will protect the Companies and their assets
from the claims of creditors while the Companies pursue their
restructuring efforts. This 30-day period may be renewed with the
authorization of the Quebec Superior Court. In this context the filing
of the audited financial statements for the year ended December 31,
2012, the resumption of trading in Blue Note's shares as well of the
holding of the annual shareholders meeting has been postponed
The Companies will provide updates as the next steps of the process when
About Blue Note Mining
Blue Note Mining is a mineral exploration and mining company
headquartered in Montreal with gold properties located in the prolific
Val d'Or region of Quebec. Blue Note also holds significant positions
in the share capital of Amex Exploration (AMX.V) and GeoVenCap (GOV.V).
Forward-Looking Statements: 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.
"Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release."
SOURCE: BLUE NOTE MINING INC.
For further information:
President and Chief Executive Officer