WYN DEVELOPMENTS SHAREHOLDERS APPROVE ALL RESOLUTIONS AT ANNUAL & SPECIAL MEETING
Vancouver, British Columbia, Canada - May 02, 2008 - Wyn Developments Inc ("Wyn" or the "Company") announces shareholders have approved all resolutions at the Annual General and Special Meeting ("AGM") held on April 30th, 2008, including:
- The re-election of all Directors.
- The plan of arrangement 'spin-out' of the Wyn Metals Inc. ("Wyn Metals") subsidiary.
- The consolidation of 5 Wyn Developments shares for 1 new share to be effected after the 'spin out' of Wyn Metals.
- The name change of Wyn Developments to Canada Gas Corp. or any other name at the discretion of the Board of Directors.
- The Company's stock option plan.
Approximately 45 million or 44.64% of the Company's outstanding common shares were represented at this AGM, voting greater than 99% in favor of the resolutions mentioned above.
The Company is now proceeding to obtain final court approval and subsequent regulatory approval to complete the 'spin-out' of Wyn Metals Inc. Upon receipt of these approvals, Wyn Developments will 'spin out' Wyn Metals on an "effective date". According to the terms of the arrangement, shareholders of record on the effective date will be eligible to receive 1 share in Wyn Metals for every 11 shares of Wyn Developments, equating to approximately 9 million Wyn Metals shares issued. The Company anticipates the effective date will occur late May 2008 although such a date must be finalized and will be announced upon receipt of the approvals described above.
A new management team has been identified and a financing of up to $1.3 million is being arranged for Wyn Metals (see press release dated April 25th, 2008). Wyn Metals will seek a listing on a recognized Canadian stock exchange within 120 days of the effective date of the 'spin out', all subject to court and regulatory approval.
Immediately following the Wyn Metals 'spin out' and share distribution to Wyn Developments shareholders, Wyn Developments will consolidate on a five old shares for one new share ratio and change the Company's name to Canada Gas Corporation. Canada Gas Corp. will have approximately 20.5 million shares outstanding post consolidation.
All of the above is subject to court 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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