Montreal, Québec, July 15, 2011 – Blue Note Mining Inc. (TSXV: BNT) (“Blue Note” or the “Company”) announces that it has closed the second tranche of a previously-announced brokered private placement (the “Private Placement“) with Industrial Alliance Securities Inc. (the “Agent”) of 4,500,000 flow-through shares at a price of $0.10 each for gross proceeds of $450,000.
These securities were issued pursuant to applicable prospectus exemptions and will be subject to a statutory hold period of four months and one day from closing expiring November 16, 2011. Insiders of the Company have subscribed under the Private Placement for 200,000 flow-through shares. Closing of the Private Placement remains subject to the approval of the TSX Venture Exchange.
No commissions were paid to the Agent in connection with this second tranche of the Private Placement.
The net proceeds from the flow-through shares will be used to advance Blue Note's Croinor and Chimo projects, which will constitute Canadian exploration expenses (as defined in the Income Tax Act (Canada)) and will be renounced for the 2011 tax year.
About Blue Note Mining
Blue Note Mining is a mineral exploration and mining company headquartered in Montreal with properties located in known gold regions of Canada, including the prolific Val-d'Or region of Quebec and northern New Brunswick.
For additional information, please contact:
Executive Vice President
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.”