Fri Aug 22, 2008
Pelangio Provides Update On Arrangement And Schedules Hearing For Final Order
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TORONTO, Ontario (August 22, 2008) -- Pelangio Mines Inc. (PLG:TSX) ("Pelangio" or the "Company") advises shareholders that it expects to close the previously announced spin-off by way of a plan of arrangement (the "Arrangement") of all of its assets, other than 19 million common shares of Detour Gold Corporation and certain working capital, to Pelangio Exploration Inc. ("Newco") on or about September 6, 2008 (the "Effective Date").
Pelangio obtained an advance tax ruling from the Canada Revenue Agency (the "CRA") in respect of the Arrangement on August 20, 2008, which provides that the Arrangement will qualify as a tax deferred transaction to shareholders under the "butterfly" reorganization rules in the Income Tax Act (Canada).
Additionally, Newco has received conditional listing approval from the TSX Venture Exchange (the "TSX-V") for the listing of its common shares, subject to complying with the conditions of listing imposed by the TSX-V. Newco's common shares will trade under the symbol "PX" on the TSX-V.
Pelangio previously scheduled a hearing to obtain a final Court order to approve the Arrangement. It was adjourned and has now been rescheduled.
Accordingly, notice is hereby given that Pelangio will be applying to the Court of Queen's Bench of Alberta for a final order in respect of the Arrangement on Monday, August 25, 2008 at 9:30 a.m. (Calgary time) at the Calgary Courts Centre, 601 -- 5 Street SW, Calgary, Alberta, T2P 5P7.
The Arrangement was approved by Pelangio's shareholders on April 22, 2008. For further information on the Arrangement, see the Company's management information circular dated March 19, 2008 which is available at www.sedar.com under the Company's name.
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