Winstar Resources Ltd. (WIX.TO) issued a news release to clarify
a technical misconception regarding its transaction with Kulczyk
Oil Ventures Inc (KOV).
Since the announcement yesterday of its proposed transaction
with KOV, Winstar has been contacted by several investors who are
uncertain as to their ability to trade in KOV shares following
completion of the transaction.
Under the agreement, consortium members (led by Kulczyk
Investments) will fund the cash portion of the transaction.
Consortium members will exchange Winstar shares bought for cash
for KOV shares.
Those KOV shares, and only those KOV shares, will be subject to
a hold period under the arrangement agreement.
KOV shares received by all other Winstar shareholders will
generally be free from any hold period under Canadian or U.S.
WIX shares fell three cents to $2.27.
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