Symbol on TSX-Venture Exchange: KWG
Shares issued and outstanding: 269,659,821
MONTREAL, Oct. 28 /CNW/ - KWG Resources Inc. (TSXV: KWG) advised on
August 28th, 2008 that it has received a receipt for filing of the preliminary
prospectus of its subsidiary Debuts Diamonds Inc. ("Debuts"). The purpose of
the filing of this prospectus is to allow Debuts to qualify as a reporting
issuer in Ontario.
As previously published, KWG has transferred all of its diamond
exploration interests to Debuts in order to facilitate delivery of their value
to KWG's shareholders, possibly as a tax-free return of capital via a dividend
of some or all of the shares of Debuts, however KWG has not yet made a final
decision among its various possible business strategies for Debuts and a
tax-free return of capital is not a certainty at this time.
In the event that KWG delivers a tax-free return of capital via a
dividend of some or all of the shares of Debuts, KWG would apply to have the
shares of Debuts listed on a recognized stock exchange to facilitate trading
upon the expiry of any hold periods attaching to such shares. A dividend
record date would be determined only after receipt of all necessary regulatory
The statements used in this Press Release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual events
or results could differ materially from the Company's forward-looking
statements and expectations. The Company assumes no obligation to update such
forward-looking statements. The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
For further information:
For further information: Bruce Hodgman, Communications Director, Direct:
(416) 646-1374, firstname.lastname@example.org; Michel Côté, Director, Tel: (514)
866-6001 - Ext. 266; Or visit our website: www.kwgresources.com