Blue Note Mining moving to TSX Venture

Montreal-based Blue Note Mining (TSX: T.BN, Stock Forum) reported Tuesday morning that it will move to the TSX Venture Exchange within the next month.

The move follows a decision by the TSX to delist the company on April 1 as a result of Blue Note putting its wholly-owned subsidiary Blue Note Caribou Mines into CCAA creditor protection

Blue Note says it is TSX policy to delist companies that have either gone into CCAA or have put a key subsidiary into CCAA.

"As previously reported, we had no choice but to put the Caribou Mines into CCAA," said Michael Judson, the company’s president and CEO. "The TSX is simply enforcing policy."

"We started on the TSX Venture Exchange where we quickly became one of its top-trading stocks," added Judson. "Our shareholders will enjoy the same level of market liquidity there."

According to Blue Note, an application for trading on the TSX Venture exchange has already been made and a decision is expected before the company ceases trading on the TSX.

Shares of Blue Note were unchanged at one cent Tuesday.

On the Bullboard, Stockhouse member gaaal said: “At least it can trade up and down a little over there. Maybe the O/S will be a lot lower over there too. There was a lot of buying at these low prices[sic].”