SASKATOON, Dec. 20 /CNW/ - Golden Opportunities Fund Inc. (the "Fund") is
pleased to announced that it has acquired 11,509,000 common shares (the "West
Mountain Shares") of West Mountain Capital Corp. ("West Mountain") at a deemed
price of $0.30 per West Mountain Share, resulting in the Fund holding
approximately 34% of the outstanding common shares of West Mountain. The West
Mountain Shares were acquired by the Fund as part of the "Qualifying
Transaction" (as such term is defined by Policy 2.4 of the TSX Venture
Exchange Inc. (the "Exchange")) of West Mountain. The West Mountain Shares
trade on the Exchange under the stock symbol WMT.P. Under its Qualifying
Transaction, West Mountain acquired all of the issued and outstanding shares
of Phase Separation Solutions Inc. ("PS2").
The Fund converted indebtedness owed by PS2 in the amount of $3,452,700
into 11,509,000 PS2 common shares ("PS2 Shares") at the conversion price of
$0.30 per PS2 Share. The conversion took place immediately prior to PS2
completing a private placement in the amount of $2,167,400. The PS2 Shares
issued to the Fund through the conversion were exchanged for the West Mountain
Shares pursuant to the Qualifying Transaction on a one for one basis. In
addition, the remaining indebtedness of $500,000 was repaid by PS2 to the
Fund. The Fund made its original investment in PS2 in 2005, proceeds from the
investment were used towards the construction of a thermal treatment facility
in Wolseley, Saskatchewan.
The business of West Mountain is now carried on by its wholly-owned
subsidiary PS2, being the thermal treatment of soil, sludge and other solid
waste impacted with chlorinated hydrocarbons such as PCBs, dioxins/furans and
pesticides, and the thermal treatment of pharmaceutical waste and
non-chlorinated industrial sludge, at its fixed treatment facility located in
Please refer to the press release of West Mountain dated December 20,
2007, available on SEDAR at www.sedar.com, for additional information.
Saskatchewan Financial Services Commission has neither approved nor
disapproved the information contained herein.
For further information:
For further information: Grant Kook, Chairman and CEO, Tel: (306)