Wyn Developments Inc (TSX-V:WL)
Shares Issued 79,965,609
Last Close 6/3/2008 $0.045
Wednesday June 04 2008 - News Release
Mr. David McMillan reports
WYN DEVELOPMENTS TO SPIN OUT WYN METALS INC., CONSOLIDATE ITS SHARES AND CHANGE ITS NAME TO CANADA GAS CORP. ON JUNE 10TH, 2008
The effective date of Wyn Developments Inc.'s plan of arrangementwith Wyn Metals Inc., and share consolidation and name change toCanada Gas Corp. will be June 10, 2008. Shareholders holdingshares of Wyn Developments at the close of trading on June 9, 2008, willreceive one Wyn Metals share for every 11 Wyn Developments shares and one CanadaGas share in exchange for every five Wyn Developments shares. Canada Gas will begin trading under the symbol CJC on June 10, 2008.
The issued capital of Wyn Metals will be 9,196,146 million common sharesoutstanding, 12,823,576 shares fully diluted on the effective date.
The issued capital of Canada Gas will be 20,231,522 million common sharesoutstanding, 28,441,868 shares fully diluted on the effective date.
Wyn Developments shareholders holding Wyn Developments share purchasewarrants will, as of June 10, 2008, be entitled to exchange their WynDevelopments share purchase warrants for new share purchase warrantsexercisable into shares of Canada Gas and shares of Wyn Metals. The 39,901,729existing Wyn Developments share purchase warrants, on exchange for Canada Gaswarrants and Wyn Metals warrants, will be exercisable into a total of7,980,346 Canada Gas shares and a total of 3,627,430 Wyn Metals shares. In thecase of Canada Gas, the exercise price of the warrants will be adjusted to the10-day volume-weighted average trading price of Canada Gas shares on theTSX Venture Exchange after the share consolidation is made effective. For WynMetals, the exercise price will likewise be the 10-day weighted averagetrading price of Wyn Metals shares subsequent to it obtaining a listing on arecognized stock exchange. The warrant expiry dates will remain unchanged.
On June 10, 2008, a new board and management team will assume controlof Wyn Metals (see news release in Stockwatch dated April 25, 2008). It is expected the$1.3-million private placement financing being undertaken by Wyn Metals willbe completed shortly thereafter. Management of Wyn Metals will provide furtherparticulars of the financing and the plans for the company once the plan ofarrangement has been made effective.
Wyn Developments also announces it has completed SEDAR filing of itsJan. 31, 2008, year-end reports related to oil and gas reserves preparedin accordance with Canadian Securities Regulators National Instrument 51-101Standards of Disclosure for Oil and Gas Activities. These reports can beaccessed electronically from the SEDAR website and include:
- Form 51-101F1 -- Statement of Reserves Data and Other Oil and Gas Information;
- Form 51-101F2 -- Report on Reserves Data by Independent Qualified ReservesEvaluator;
- Form 51-101F3 -- Report of Management and Directors on Reserves Dataand Other Information;
- Audited annual financial statements, andmanagement discussion and analysis.
In other news, Angus Sutherland, director and member of the auditcommittee, has submitted his resignation. The company thanked Mr. Sutherland forhis past contributions and wished him well in his future endeavours.
