Montreal, Québec, May 31, 2012 – Blue Note Mining Inc. (TSXV: BNT) (the “Company”) reports that it has filed its management information circular upon which the Company’s shareholders will be asked to vote, at the Company’s upcoming annual general and special meeting of shareholders, to authorize the Company to reduce its stated capital to effect the distribution to its shareholders, by way of a one-time dividend, of 3,973,219 common shares the Company holds in the share capital of GeoVenCap Inc.
In order to effect the distribution, the Company must reduce its stated capital account for its common shares by an amount equal to the fair market value of the GeoVenCap shares to be distributed, which requires the adoption of a special resolution by the Company’s shareholders. The distribution is subject to the approval of the regulatory authorities.
The Company’s annual general and special meeting of shareholders will be held at the Westin Montreal at 270 St-Antoine West, Salon McGill, 8th floor, Montreal, Quebec, H2Y 0A3, on Thursday, June 28, 2012, at 10:00 a.m. (Montreal time). The management information circular has been filed on SEDAR and can be viewed at www.sedar.com.
The Company also reports that it has issued 450,000 common shares to a former employee, at a deemed price of $0.05 each. Those shares are being issued under an agreement governing the terms of the former employee’s cessation of employment which occurred on May 18, 2011, under which the former employee is to be issued $22,500 in common shares of the Company at the market price as of April 15, 2012. The shares issued are subject to a restricted period on resale for four months and one day expiring on August 25, 2012.
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).
For additional information, please contact:
Executive Vice President
(514) 486-3095 x236
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.”