PROPOSES RESTRUCTURING AND NAME CHANGE
(TSX-V: WL) (OTC-BB: WYDPF) (FRANKFURT: YXE)
VANCOUVER, March 27 /CNW/ - Wyn Developments Inc. (the "Company" or
"Wyn") announces the Annual General and Special Meeting ("AGM") of the
shareholders will be held on April 30th, 2008, at 10am in Vancouver, British
Columbia. Information circulars are anticipated to be mailed to shareholders
on or before April 5th, 2008. Shareholders of record on or before April 2nd,
2008 will be entitled to vote on the resolutions of this AGM.
This shareholder meeting will NOT include the previously announced
potential amalgamation of the Company with Bighorn Petroleum Ltd., Flying A
Petroleum Ltd. and Tenaka Drilling Consortium Ltd. (collectively, the
"Participants"). To date, the Participants have consistently missed agreed
upon timetables to execute the amalgamation. Management is disappointed with
the progress of the proposal to date, in spite of the Company's significant
and sustained efforts to reach this goal, and has consequently elected to
proceed with its own corporate restructuring in the best interests of the
Company's shareholders. Such restructuring will facilitate either the timely
completion of the proposed amalgamation or a realignment of the Company's
mergers, acquisitions, exploration and development strategy. The Company is
quite prepared to resume its efforts to complete the proposed amalgamation on
terms and timing that is acceptable to the Company's Directors and
shareholders, including, namely, the establishment and execution of a firm
timetable to completion, but is also equally prepared to proceed with other
alternatives should progress on the amalgamation remain elusive.
At the meeting of April 30th, 2008, the Company's Board of Directors
propose shareholders on the record date vote in favor of, among other items, a
"spin out" of the Company's mineral assets to Wyn Metals Inc., a consolidation
of Wyn's shares and a name change.
Each shareholder of record will receive 1 new share of Wyn Metals Inc.
for each 11 shares of Wyn. Wyn will then also consolidate on a 5 old for 1 new
share ratio and, as the rights and title holder of the brand, will rename the
Company "Canada Gas Corp." Shareholders of record will then own both Wyn
Metals Inc. and Canada Gas Corp. A summary of these restructurings is as
Canada Gas Corp. Wyn Metals Inc.
Reverse Split Ratio 5 old shares for 11 old shares for
1 new share 1 new share
Wyn Developments Inc. Canada Gas Corp. Wyn Metals Inc.
Issued Shares 101,157,609 20,231,522 9,196,146
Warrants 38,711,729 7,742,346 3,519,248
'B' Warrants 1,190,000 238,000 108,182
Options 1,150,000 230,000 0
Fully Diluted 142,209,338 28,441,868 12,823,576
More information will be provided in the Company's information circular
to be mailed on or before April 5th, 2008.
All of the above is subject to court, shareholder, and regulatory
For more information on the Company or to sign up for our email list,
please visit www.wyndevelopments.ca.
On Behalf of the Board,
WYN DEVELOPMENTS INC.
President & CEO
FORWARD LOOKING STATEMENTS
This communication to shareholders and the public contains certain
forward-looking statements. Actual results may differ materially from those
indicated by such statements. All statements, other than statements of
historical fact, included herein, including, without limitations statements
regarding future production, are forward looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. The TSX
Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
For further information:
For further information: Chad McMillan, (604) 685-5851 or Toll Free:
(888) 685-5851, Fax: (604) 685-7349, Email: firstname.lastname@example.org;
www.wyndevelopments.ca; 520-700 West Pender Street, Vancouver, British
Columbia, Canada, V6Z 2X2