WYN DEVELOPMENTS COMPLETES CAD $1,055,000 FINANCING
Vancouver, British Columbia, Canada - March 17, 2008 - Wyn Developments Inc ("Wyn" or the "Company") has closed the second tranche of a private placement financing announced on January 24th and February 5th, 2008. The closing consists of 7,600,000 units at a price of $0.05 per Unit for gross proceeds of CAD $380,000. Each Unit consists of one common share and one common share purchase warrant exercisable at $0.10 for a period of two years from the Closing date. The Company raised total gross proceeds of CAD $1,055,000 and issued 21,100,000 Units in two tranches to complete this financing.
Dave McMillan, President and CEO, subscribed to 3,000,000 Units for gross proceeds of $150,000 of the first tranche and 1,125,000 Units for gross proceeds of $56,250 of the second tranche for a total subscription of 4,125,000 Units or $206,250.
These units are subject to a four month hold period expiring July 18, 2008.
The Company paid $21,500 and issued 430,000 common share purchase warrants for finders' fees related to the second tranche of the private placement. The warrants are exercisable at $0.10 for a period of two years from Closing date. Combined with the first tranche, the Company paid a total $65,250 and issued 1,190,000 common share purchase warrants on the entire financing. Contrary to a previous statement (February 19th, 2008), Animus Ventures Inc. will not receive finders fees from any proceeds of either tranche in this private placement.
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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