WYN DEVELOPMENTS APPOINTS KESONEN, TIMCKE, DANIELSSON, KLASSEN, ROBSON, AND ESPADILLA TO WYN METALS MANAGEMENT TEAM
Vancouver, British Columbia, Canada - April 28, 2008 - Wyn Developments Inc ("Wyn" or the "Company") 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 20th, 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 $0.10 per unit for gross proceeds of up to 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 $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 $0.15 per share. A total of $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.
On Behalf of the respective boards,
WYN DEVELOPMENTS INC.
David McMillan
President & CEO
ABOUT WYN DEVELOPMENTS INC.
Wyn Developments Inc. is a western Canadian focused junior resource exploration and development company. The Company’s primary activities include three natural gas development properties; the Prophet River, Bougie Trutch, and Trutch East projects, which include three Triassic Halfway Development wells now in production. The Company is currently engaged in forming a business combination with three partners of these properties to create a new junior Canadian natural gas development company.
The above is subject to TSX Venture Exchange approval.
INQUIRIES
Chad McMillan/Dave McMillan
(604) 685-5851 or Toll Free: (888) 685 5851
Investor Relations
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 2007/2008. 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.
