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
regulatory authorities.
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 indefinitely.
The Companies will provide updates as the next
steps of the process when determined.
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.