RE: Critical Elements and Blue Note News This is old. From 2011. This is the most recent activity for BNT
Montreal, Québec, 15 April, 2013 – Blue Note Mining Inc. (TSXV: BNT) (the “Company”) has initiated a review process to consider alternatives in relation to its operations. Due to the difficult market conditions, the Company has been unsuccessful in raising sufficient capital to advance its projects and might be unable to continue its operations as a going concern.
Accordingly, the Company is pursuing discussions to preserve value through a strategic partnership, joint venture agreements or a sale of assets in the hope of restoring normal operations. There are no assurances that the process will result in a transaction or, if a transaction is undertaken, as to the terms or timing of such a transaction. In this context the Company may have to postpone the filing of its audited financial statements for the year ended Dec. 31, 2012, which are due to be filed by April 30, 2013.
Followed by this;
Blue Note Files a Notice of Intention to Make a Proposal and Initiates a Bid Process
, /CNW Telbec/ - (TSXV: BNT) ("Blue Note") and its wholly-owned subsidiary (together, the "Companies") announce the filing today of a notice of intention (the "Notice") to file a proposal under the Bankruptcy and Insolvency Act (). Pursuant to the Notice, ("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 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 . In this context the filing of the audited financial statements for the year ended , 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.
Cheers,
Shelbs