MINDESTA Provides Update on Distribution of Northern Graphite Shares
14 Noviembre 2011 - 8:00AM
Marketwired
Mindesta Inc. ("Mindesta" or the "Company") (OTCBB:MDST) is
providing the following update with respect to the distribution, to
the Company's shareholders, of the common shares of Northern
Graphite Corporation ("Northern") which it owns.
The Company owns 9,750,000 common shares of Northern of which
7,312,500 remain subject to an escrow agreement imposed by Canadian
securities laws and the TSX Venture Exchange ("TSXV") as part of
Northern's initial public offering. The escrowed shares are being
released in equal tranches of 1,462,500 shares every six months
from the date that Northern became listed on the TSXV, being April
20, 2011. The terms of the escrow provide for the early release of
the shares to permit their distribution to Mindesta's shareholders,
subject to TSXV approval. The Company has applied to the TSXV for
the early release of the shares from escrow to facilitate this
distribution but has not yet received approval.
The Company will set a record date for shareholders entitled to
receive the distribution immediately after TSXV approval is
received. Subject to the satisfactory review of all legal and tax
issues, it is contemplated that Mindesta shareholders will receive
one share of Northern for every share of Mindesta held. Mindesta
currently has 8,960,081 shares outstanding as well as 562,500
options to purchase common shares.
Mindesta shareholders in possession of their physical share
certificates are responsible for ensuring that their registered
address information is valid and current. All inquiries regarding
address changes and information on record should be directed to
Heritage Transfer Agency (Phone: 416-364-9509, Fax: 416-864-0175,
email: heritagetransferagency@gmail.com). Shareholders that hold
their shares in a brokerage account should ensure that their broker
has their current address.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities in any jurisdiction.
This press release contains forward-looking statements, which
can be identified by the use of statements that include words such
as "could", "potential", "believe", "expect", "anticipate",
"intend", "plan", "likely", "will" or other similar words or
phrases. These statements are only current predictions and are
subject to known and unknown risks, uncertainties and other factors
that may cause our or our industry's actual results, levels of
activity, performance or achievements to be materially different
from those anticipated by the forward-looking statements. The
Company does not intend, and does not assume any obligation, to
update forward-looking statements, whether as a result of new
information, future events or otherwise, unless otherwise required
by applicable securities laws. Readers should not place undue
reliance on forward-looking statements.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED OF THE
CONTENTS OF THIS RELEASE
Contacts: Mindesta Inc. Gregory Bowes CEO (613) 241-9959
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