Wyn Developments Appoints Kesonen, Timcke, Danielsson, Klassen, Robson and Espadilla to Wyn Metals Management Team
Vancouver, Canada (ots/PRNewswire)
Wyn Developments Inc.
(the "Company" or "Wyn") announces Daniel Kesonen , Rick Timcke,
Pieter Danielsson, Ian Klassen, Craig Robson and Dennis Espadilla
have agreed to become Wyn Metals Inc ("Wyn Metals") new management
team and lead the company upon shareholder approval of the proposed
mineral exploration asset 'spin-out' at the Company's Annual General
and Special Meeting April 30th, 2008.Upon said shareholder approval, Wyn Metals will proceed with a private placement financing consisting of 10,000,000 units and 3,000,000 flow through units at a price of CAD$0.10 per unit for gross proceeds of up to CAD CAD$1,300,000. Each unit will consist of one common share and one share purchase warrant exercisable for two years at the price of CAD$0.15 per share. Each flow through unit will consist of one flow through share and one share purchase warrant exercisable to purchase one non-flow through share for a period of two years at the price of CAD$0.15 per share. A total of CAD$600,000 of the proceeds will be reserved for exploration expenditures on resource exploration projects including the Company's Thrust Project, a portion will be used to fund the costs of the arrangement and the balance for general working capital and general and administrative expenditures.
It is the intention of Wyn Metals' new management to seek a listing for Wyn Metals shares on a recognized Canadian stock exchange within 120 days of the effective date of the arrangement.
Shareholders of record on April 2nd, 2008 are entitled to vote on the resolutions of the Company's Annual General and Special meeting, and, upon approval, Wyn shareholders as of the effective date (to be determined), will receive 1 new share in Wyn Metals for 11 existing shares of Wyn Developments, and Wyn Developments will change its name to Canada Gas Corp. and consolidate its share capital at a ratio of 5 old for 1 new share.
No assurance can be given that the Company's shareholders will approve the arrangement or restructurings, that the intended private placement will be completed, or that Wyn Metals will obtain a listing on a recognized exchange.
All of the above is subject to court, shareholder, and regulatory approval.
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 acquisitions.
To view the full news release, shareholder information circular, sign up for our mailist or for additional information, please visit http://www.wyndevelopments.ca.
On Behalf of the Board,
WYN DEVELOPMENTS INC.
"David McMillan"
David McMillan
President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this release.
We seek safe harbor.
(TSX-V: WL) (OTC-BB: WYDPF) (FRANKFURT: YXE)
For further information: Chad McMillan, +1-(604)-685-5851 or Toll Free: (888)-685-5851, Fax: +1-(604)-685-7349, Email: ir@wyndevelopments.ca; http://www.wyndevelopments.ca; 520-700 West Pender Street, Vancouver, British Columbia, Canada, V6C 1G8/ SU: PER PVT
Contact:
For further information: Chad McMillan, +1-(604)-685-5851 or Toll
Free: (888)-685-5851, Fax: +1-(604)-685-7349, Email:
ir@wyndevelopments.ca; http://www.wyndevelopments.ca; 520-700 West
Pender Street, Vancouver, British Columbia, Canada, V6C 1G8/ SU: PER
PVT