Owner
Post by Franko10 ™ on Mar 3, 2006 13:47:33 GMT -5
Blue Note to Limit Flow-Through Financing to $ 1 Million
13:45 EST Friday, March 03, 2006
Consultants Micon, Engaged for Caribou Acquisition
Shares outstanding: 13.6 million
Symbol & Exchange: BNT-V
MONTREAL, March 3 /CNW/ - Blue Note Metals Inc. has decided to cap its flow-through offering at $1 million. Blue Note had originally sought to raise $2.5 million but, in the wake of the advancement of negotiations on the senior financing to acquire and re-furbish the Caribou and Restigouche Mines has decided to close the offering now.
"We can get busy on our Canoe Landing Lake polymetallic deposit all the same with the $1 million," said Michael Judson, Chairman and CEO of Blue Note Metals. The flow-through offering previously announced in December 2005 is non-brokered and is priced at $ 0.30 per common share and is subject to a mandatory four month hold period.
"Having two financings underway at the same time was just too confusing to the marketplace," said Judson. "The Caribou financing is our main priority and we didn't want to muddy the waters."
In other news, Blue Note confirms it has engaged mining consultants Micon International Limited to complete the company's NI 43-101 compliant Technical Report on the Caribou and Restigouche Mines. This Technical Report is based on Micon's revised Re-Opening Plan that has been submitted for review to Blue Note's board of directors.
On the Caribou financing front Judson reports: "We are finishing the term sheet with our investment bankers and expect to make an announcement concerning a major financing in the next couple of days."
Blue Note Metals is a mineral exploration company with properties in New Brunswick. The company's shares trade on the TSX Venture Exchange under the symbol BNT.
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 TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
For further information: please contact: LORNE WOODS, VICE PRESIDENT, CORPORATE DEVELOPMENT, BLUE NOTE METALS, (800) 937-3095, lwoods@bluenotemetals.ca, www.bluenotemetals.ca
13:45 EST Friday, March 03, 2006
Consultants Micon, Engaged for Caribou Acquisition
Shares outstanding: 13.6 million
Symbol & Exchange: BNT-V
MONTREAL, March 3 /CNW/ - Blue Note Metals Inc. has decided to cap its flow-through offering at $1 million. Blue Note had originally sought to raise $2.5 million but, in the wake of the advancement of negotiations on the senior financing to acquire and re-furbish the Caribou and Restigouche Mines has decided to close the offering now.
"We can get busy on our Canoe Landing Lake polymetallic deposit all the same with the $1 million," said Michael Judson, Chairman and CEO of Blue Note Metals. The flow-through offering previously announced in December 2005 is non-brokered and is priced at $ 0.30 per common share and is subject to a mandatory four month hold period.
"Having two financings underway at the same time was just too confusing to the marketplace," said Judson. "The Caribou financing is our main priority and we didn't want to muddy the waters."
In other news, Blue Note confirms it has engaged mining consultants Micon International Limited to complete the company's NI 43-101 compliant Technical Report on the Caribou and Restigouche Mines. This Technical Report is based on Micon's revised Re-Opening Plan that has been submitted for review to Blue Note's board of directors.
On the Caribou financing front Judson reports: "We are finishing the term sheet with our investment bankers and expect to make an announcement concerning a major financing in the next couple of days."
Blue Note Metals is a mineral exploration company with properties in New Brunswick. The company's shares trade on the TSX Venture Exchange under the symbol BNT.
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 TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
For further information: please contact: LORNE WOODS, VICE PRESIDENT, CORPORATE DEVELOPMENT, BLUE NOTE METALS, (800) 937-3095, lwoods@bluenotemetals.ca, www.bluenotemetals.ca
