Blue Note Mining Inc. Completes Dividend-In-Kind of Shares of GeoVenCap Inc.
01 Agosto 2012 - 7:41AM
PR Newswire (Canada)
MONTREAL, Aug. 1, 2012 /CNW Telbec/ - Blue Note Mining Inc. ("Blue
Note" or the "Corporation") announces that it has completed its
dividend-in-kind (the "Dividend") of 3,973,219 common shares
("GeoVenCap Shares") held by it in the capital of GeoVenCap Inc.
("GeoVenCap"). The GeoVenCap Shares were acquired under a
previously-announced transaction under which Blue Note sold all of
its New Brunswick mineral properties to GeoVenCap. In consideration
Blue Note received 11,120,000 common shares GeoVenCap Shares and
4,772,876 special warrants ("Warrants"), each entitling Blue Note
to subscribe for one GeoVenCap Share if, following that
subscription, at least 20% of the outstanding Common Shares would
be in the hands of Public Shareholders (as defined in the policies
of the TSX Venture Exchange (the "Exchange")). The GeoVenCap Shares
were subject to escrow in accordance with the rules and policies of
the Exchange. The Corporation received approval from the Exchange
for the release of 3,973,219 GeoVenCap Shares from escrow for the
purpose of effecting the Dividend. No Exchange escrow conditions
apply to those shares, except those held by directors and officers
of Blue Note. Following the Dividend, Blue Note exercised its
Warrants. Before the Dividend, Blue Note's holdings of GeoVenCap
Shares and Warrants represented approximately 75.35% of the
outstanding GeoVenCap Shares on a non-diluted basis and 81.38% on a
partially-diluted basis. As a result of the Dividend and the
conversion of the Warrants, Blue Note now holds 11,919,657
GeoVenCap Shares, representing 61.03% of the outstanding GeoVenCap
Shares. Blue Note intends to hold its GeoVenCap Shares for
investment purposes and may, depending on market and other
conditions, increase or decrease its beneficial ownership, control
or direction over GeoVenCap Shares or other securities of the
GeoVenCap, through market transactions, private agreements,
treasury issuances, exercise of convertible securities or
otherwise. Blue Note's address is 1080, Côte du Beaver Hall, Suite
2101, Montreal, Quebec, H2Z 1S8. 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).
"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." BLUE NOTE MINING INC. CONTACT: Leon
MethotPresident & Chief Executive Officer514 486-3095
x255lmethot@bluenotemining.cawww.bluenotemining.ca
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