On the wire:
Winspear Resources Ltd. announces that the Board of Directors proposes to undertake a corporate restructuring
VANCOUVER, March 12 /CNW/ - Winspear Resources Ltd.
Trading Symbol: WSP.V
Randy Turner, the President of Winspear Resources Ltd. (''Winspear''),
announces that the Board of Directors of the Company proposes to undertake a
corporate restructuring. The Board proposes to create a separate company
(''NewCo'') and to transfer from Winspear to NewCo all of the early stage
exploration properties presently held by Winspear. Winspear would continue to
hold its interest in the Camsell Lake Property.
The Board of Directors has determined that such a restructuring will
increase shareholder value by enabling each company to focus on its own
business plan, and by allowing the shareholders to hold a security which
reflects the value of Winspear's portfolio of exploration properties.
The restructuring is subject to shareholder approval, and also to the
acceptance of the transaction by the Vancouver Stock Exchange, and the
issuance of applicable Orders by the Supreme Court of British Columbia.
On completion of the Plan of Arrangement, each holder of shares of
Winspear will, for each share of Winspear presently held, hold one share of
''New Winspear'' which will continue to hold the Camsell Lake Property and
which will retain the name ''Winspear Resources Ltd.'', and 0.125 of a share
of NewCo, which will hold all of the current Winspear's exploration properties
and adequate working capital. The record date for the purpose of determining
the holders of Winspear shares who will be entitled to receive such share is
the business day preceding the date that the Plan of Arrangement is recorded
with the Registrar of Companies. The Vancouver Stock Exchange will continue
to list the shares of ''New Winspear'' and will list the shares of NewCo.
Winspear Resources Ltd.
''Randy Turner''
_______________________
Randy C. Turner, P.Geo.
President and Director
*********
Winspear Resources Ltd. announces delivery of letter to the Company's partner in the Camsell Lake Joint Venture
VANCOUVER, March 15 /CNW/ - Winspear Resources Ltd.
Trading Symbol: WSP.V
Randy Turner, the President of Winspear Resources Ltd., announces that
Winspear has delivered a letter to Winspear's partner in the Camsell Lake
Joint Venture stating that it is Winspear's position that the partner is
deemed to have elected not to contribute to the 1999 Program and Budget.
The letter states that Winspear has elected to contribute to the said Program
and Budget, and therefore will be funding 100% of all costs.
Winspear's partner has rejected Winspear's assertion.
WINSPEAR RESOURCES LTD.
Per: (signed)
__________________________
Randy C. Turner, President
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
release.
Regards
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