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.
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.
