Mindesta Reiterates Information Relating to Northern Share Distribution
10 Febrero 2012 - 11:01AM
Marketwired
Mindesta Inc. (OTCBB:MDST) wishes to reiterate information provided
in its 8K disclosure of January 30, 2012 and information provided
to shareholders through Heritage Transfer Agency, Inc. (the
Company's transfer agent) ("Heritage") and Depository Trust and
Clearing Corporation ("DTCC") on its estimate of taxable dividend
per share included in its recent distribution to shareholders. At
the close of trading on January 25, 2012, Mindesta Inc. (the
"Company" or "Mindesta") completed the previously-announced
distribution to the Company's shareholders (the "Distribution") of
a majority of the shares of Northern Graphite Corporation
("Northern") common stock owned by the Company. The Distribution of
9,413,581 shares of Northern owned by the Company (approximately
25% of the Northern common shares outstanding) was made to Company
shareholders on the basis of one share of Northern common stock for
each share of Company common stock held.
Based upon the closing price of the Northern common stock on the
TSX Venture Exchange ("TSVX") on January 25, 2012, the day of the
Distribution, and taking into account an appropriate liquidity
discount, the Company had estimated that the aggregate market value
of the shares distributed was US$9,967,000. Therefore, MIndesta has
estimated the value of the shares distributed at US$1.0588 per
share. Mindesta Inc. has also provided an estimate of the value of
the taxable dividend of US$0.0833 per share on the Distribution to
Heritage and DTCC. The balance of the dividend, being US$0.9755 per
share, represents a return of capital. Shareholders that are non-US
residents are subject to US tax withholdings calculated on the
taxable dividend estimate of the Distribution. Any questions in
that regard, including further questions regarding U.S. tax
withholding obligations relating to the Distribution (described in
the Information Statement provided to shareholders on or about
January 6, 2012), should be directed by registered holders to
Heritage and by non-registered holders to their respective
brokers.
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: Gregory Bowes, CEO (613) 241-9959
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