Winstar Clarifies Technical Misconception Regarding Transaction with Kulczyk Oil

By Staff,

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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. securities laws.

WIX shares fell three cents to $2.27.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
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