Blue Note plans C$30 million private placement of units

By Laura Lutz

Columbus, Ohio, March 20 - Blue Note Mining intends to conduct a private placement of units for about C$30 million.

Each unit will consist of $1,000 principal amount of a senior secured note and a "limited number" of common shares, according to a company news release. Detailed terms of the offering were not announced.

The agents, a syndicate led by TD Securities Inc. and including Octagon Capital Corp., have a greenshoe for up to 15% of the offering.

Proceeds will be used for mine development and maintenance and for working capital.

Settlement is expected by the end of April.

Blue Note is a mineral exploration and mine development company based in Montreal.

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