(TSX-V: WL) (OTC-BB: WYDPF) (FRANKFURT: YXE)
VANCOUVER, June 4 /CNW/ - Wyn Developments Inc. ("Wyn Developments" or
the "Company") announces that the effective date of Wyn's plan of arrangement
with Wyn Metals Inc. ("Wyn Metals") and share consolidation and name change to
Canada Gas Corp ("Canada Gas") will be June 10th, 2008. Shareholders holding
shares of Wyn Developments at the close of trading on June 9th, 2008 will
receive 1 Wyn Metals share for every 11 Wyn Developments shares and 1 Canada
Gas Corp share in exchange for every 5 Wyn Developments shares. Canada Gas
Corp. will begin trading under the symbol ("CJC") on June 10th, 2008.
The issued capital of Wyn Metals will be 9,196,146 million common shares
outstanding, 12,823,576 shares fully diluted on the effective date.
The issued capital of Canada Gas will be 20,231,522 million common shares
outstanding, 28,441,868 shares fully diluted on the effective date.
Wyn Developments shareholders holding Wyn Developments Inc share purchase
warrants will, as of June 10th, 2008 be entitled to exchange their Wyn
Developments share purchase warrants for new share purchase warrants
exercisable into shares of Canada Gas and shares of Wyn Metals. The 39,901,729
existing Wyn Developments Share Purchase Warrants, on exchange for Canada Gas
Warrants and Wyn Metals Warrants, will be exercisable into a total of
7,980,346 Canada Gas shares and a total of 3,627,430 Wyn Metals shares. In the
case of Canada Gas, the exercise price of the warrants will be adjusted to the
ten day volume weighted average trading price of Canada Gas shares on the
TSX-Venture Exchange after the share consolidation is made effective. For Wyn
Metals, the exercise price will likewise be the ten day weighted average
trading price of Wyn Metals shares subsequent to it obtaining a listing on a
recognized stock exchange. The warrant expiry dates will remain unchanged.
On June 10th, 2008, a new board and management team will assume control
of Wyn Metals (see press release dated April 25th, 2008). It is expected the
$1.3 million private placement financing being undertaken by Wyn Metals will
be completed shortly thereafter. Management of Wyn Metals will provide further
particulars of the financing and the plans for the company once the plan of
arrangement has been made effective.
Wyn Developments also announces it has completed SEDAR filing of its
January 31st, 2008 year end reports related to oil and gas reserves prepared
in accordance with Canadian Securities Regulators National Instrument 51-101
Standards of Disclosure for Oil and Gas Activities. These reports can be
accessed electronically from the SEDAR website at www.sedar.com 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 Reserves
Evaluator, Form 51-101F3 - Report of Management and Directors on Reserves Data
and Other Information, as well as Audited Annual Financial Statements and
Management Discussion and Analysis.
In other news, Angus Sutherland, Director and Member of the audit
Committee has submitted his resignation. The Company thanks Mr. Sutherland for
his past contributions and wishes him well in his future endeavors.
For more information or to sign up for our email list, please visit
www.wyndevelopments.ca or call 1.888.685.5851.
ABOUT WYN DEVELOPMENTS INC.
Wyn Developments is a western Canada focused junior resource exploration,
development and production company with both mineral and natural gas assets.
With the 'spin-out' of its mineral assets into Wyn Metals Inc. and capital
restructuring, Wyn Developments will focus on natural gas exploration,
development and production, through currently owned assets and seed additional
natural gas exploration opportunities through possible future mergers and
On Behalf of the Board,
WYN DEVELOPMENTS INC.
President & CEO
FORWARD LOOKING STATEMENTS
This press release may contain forward-looking statements including
expectations of future production. More particularly, this press release
contains statements concerning the Partners' future production estimates,
expansion of oil and gas property interests, exploration and development
drilling, regulatory applications, payout estimates, capital expenditures, and
drilling locations to be drilled in 2008/2009. These statements are based on
current expectations that involve a number of risks and uncertainties, which
could cause actual results to differ from those anticipated. These risks
include, but are not limited to: the risks associated with the oil and gas
industry (e.g., operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or development projects
or capital expenditures; the uncertainty of reserve estimates; the uncertainty
of estimates and projections relating to production, costs and expenses, and
health, safety and environmental risks), commodity price, price and exchange
rate fluctuation and uncertainties resulting from potential delays or changes
in plans with respect to exploration or development projects or capital
expenditures. Additional information on these and other factors that could
affect the Partners' operations or financial results are included in the
Partners' reports on file with Canadian securities regulatory authorities. The
forward-looking statements or information contained in this news release are
made as of the date hereof and the Partners undertake no obligation to update
publicly or revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so required by
applicable securities laws. Oil and Gas Advisory. This press release may
contain disclosure expressed as "boe". All oil and natural gas equivalency
volumes have been derived using the ratio of six thousand cubic feet of
natural gas to one barrel of oil. Equivalency measures may be misleading,
particularly if used in isolation. A conversion ratio of six thousand cubic
feet of natural gas to one barrel of oil is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the well head. 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: email@example.com,
www.wyndevelopments.ca, 520 - 700 West Pender Street, Vancouver, British
Columbia, Canada, V6C 1G8