Blue Note Mining Obtains Creditor Protection; Announces Restructuring

    Shares Outstanding: 363 Million
    Symbol & Exchange: BN-NEX

    MONTREAL, June 12 /CNW Telbec/ - Blue Note Mining Inc. ("Blue Note" or
the "Corporation") is pleased to announce that it has obtained an initial
order from the Quebec Superior Court (the "Court") under the Companies'
Creditors Arrangement Act ("CCAA"). This order will allow the Corporation to
submit its plan of arrangement (the "Plan") to its noteholders (the
"Noteholders") and other creditors (collectively, the "Creditors").
    Under the Plan, the Creditors would receive at closing $1,500,000 in cash
and 75% of the Corporation's outstanding common shares post-restructuring.
Within one year of closing, Blue Note would pay to the Creditors an additional
$1,000,000 at an annual interest rate of 10%.
    Noteholders and other Creditors have already expressed their willingness
to support the terms of the Plan. Blue Note expects to put the Plan to a vote
by all its Creditors within thirty days, and provided the vote is positive, to
apply soon thereafter for the Court's sanction of the Plan under the CCAA.
    Going forward, Blue Note will continue as a Canadian exploration company
with gold and base metal exploration properties near Bathurst, New Brunswick.
It will continue to target gold, silver, zinc, lead and copper. Blue Note's
current management and board of directors will continue to identify, acquire
and finance mining operations as well as maintain Blue Note's status as a
reporting issuer in accordance with Canadian securities laws. Blue Note will
apply to move to the TSX Venture Exchange.

    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.

    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.

    The NEX 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,;

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Blue Note Mining Inc.

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