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.
About Canada Rare Earths
Canada Rare Earths is a growth company focused on the exploration and development of rare earth elements at its 100% owned Goeland Rare Earths Project within the Montviel carbonatite complex, Montviel Township Quebec, immediately adjacent to Geomega's (TSX-V: GMA) recent rare earth discovery. The Goeland property located 215 km north of Val-d'Or, is road accessible and consists of 47 claims totaling approximately 2,600 hectares. Since the acquisition of the Goeland Project, the Company, in a short period of time, has successfully established itself in one of the largest Carbonatite complexes in North America. Worldwide, carbonatite-related deposits are a major host for rare earths elements ("REE"). The world's most advanced and prolific REE deposits in production or development, Bayan Obo (China), Molycorp's Mountain Pass (USA), Lynas's Mount Weld (Aus), and Rare Earth Element Resource's Bear Lodge project, are all hosted by carbonatites.
For more information on Canada Rare Earths, please contact our Head Office.
On Behalf of the Board of Canada Rare Earths Inc.
Chad McMillan
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. All of the above is subject to TSX.V and regulatory acceptance.
FORWARD LOOKING STATEMENTS
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the Company's Pre-Development Agreement and the exploration of the Goeland Project, constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company is able to obtain any required government or other regulatory approvals and any required financing to complete the Company's obligations pursuant to the Pre-Development Agreement and planned exploration activities, that the Company is able to procure equipment and supplies in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors relating to Canada Rare Earth's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks may include, among others, actual results of the Company's exploration activities being different than those expected by management, uncertainties involved in the interpretation of drilling results and geological tests, delays in obtaining required government or other regulatory approvals or financing, inability to procure equipment and supplies in sufficient quantities and on a timely basis, equipment breakdowns and bad weather. 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. Readers are cautioned not to place undue reliance on forward-looking statements. Canada Rare Earths does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
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