ANNOUNCES CAD $700,000 NON-BROKERED PRIVATE PLACEMENTAND EXTENDS
WARRANTS
Vancouver, British Columbia - June 7, 2007 - Wyn Developments Inc (the
"Company") announces Calgary based Reliance Engineering Group Ltd. is
currently preparing the Company's National Instrument 51-101 compliant
report on natural gas reserves data.
This asset reserve evaluation is a vital step towards accurately
assessing the contributing ratios of each participating entity in the
previously announced plan to form a business combination with several of
the Company's northeastern British Columbia, Canada, natural gas
development project partners; Bighorn Petroleum Ltd. (tsx.v:BHP), Flying
A Petroleum Ltd. (tsx.v:FAB), and Tenaka Drilling Consortium Ltd. It is
anticipated this reserve evaluation will be completed and released to
shareholders by mid to late June. The NI 51-101 reserve
evaluation will provide the regulatory compliant data required to
accurately finalize the parameters of the proposed business combination
in a plan of arrangement. The plan of arrangement will provide a
complete and accurate picture of the business combination to all
participants' shareholders. According to the current timeline, the plan
of arrangement is anticipated to be released to shareholders by mid
July. Shareholders will then be asked to vote on the transaction in the
respective participant's shareholders meetings, anticipated late August.
The approximate timeline for this business combination would see the
transaction close late September, early October subject to regulatory
approvals.
In addition, the Company is announcing a private placement of up to 3.5
million units at CAD $0.20 for gross proceeds of up to CAD $700,000 to
finance the aforementioned process. Each unit consists of one share and
one purchase warrant exercisable at $0.35 for a period of two years from
closing, subject to regulatory approval. These funds are anticipated to
adequately cover the associated operating costs through closing of the
proposed business combination, including NI 51-101 compliant resource
evaluations, financial, legal and accounting costs, as well as working
capital. Dave McMillan, President & CEO of the Company, is subscribing
for CAD $35,000 or 175,000 units.
A portion of the previously announced private placement (April 16, 2007)
of up to 4 million units priced at CAD $0.25 was closed in part and the
available balance has expired. The Company raised CAD $175,000 at $0.25
per unit totaling 700,000 units. Each unit consists of one share and
one purchase warrant exercisable at CAD $0.35 for a period of two years.
Dave McMillan, President and CEO of the Company, subscribed for CAD
$125,000 or 500,000 units at CAD $0.25.
Finders fees may be payable in accordance with TSX Venture Exchange
policies.
In addition, the TSX Venture Exchange has consented to the extension in
the expiry date of the following warrants from last year's private
placements:
2,485,157 warrants, exercisable at CAD $0.50. The original expiry date
was May 25, 2007. The new expiry date is May 25, 2008.
2,748,571 warrants, exercisable at CAD $0.45. The original expiry date
was September 25, 2007. The new expiry date is September 25, 2008.
8,196,000 warrants, exercisable at CAD $0.50 for 501,000 warrants and
$0.45 for 7,695,000 warrants. The original expiry date was November 29,
2007. The new expiry date is November 29, 2008.
ABOUT WYN DEVELOPMENTS
Wyn Developments Inc. is a western Canadian focused junior resource
development company. The Company's primary activities include three
natural gas development properties; the Prophet River, Bougie Trutch,
and Trutch East projects, which include three Triassic Halfway
Development wells now in production. The Company is currently engaged
in forming a business combination with three partners of these
properties to create a new junior Canadian natural gas development
company.
For more information on Wyn Developments, please visit
www.wyndevelopments.ca.
On Behalf of the Board,
WYN DEVELOPMENTS INC.
"David McMillan"
_______________________
David McMillan
President & CEO
CONTACT
North America Europe United States
Wyn Developments Inc. Small Cap Invest Ltd
Yes International Inc.
Tom Brady/Chad McMillan/Dave McMillan Alexander Friedrich
Rich Kaiser
604) 685-5851 or Toll Free: (888) 685-5851 49 (0) 69-24 24 93 49
Tel: (757) 306-6090 or
Fax: (604) 685-7349 49 (0) 12 12 544 71 04 62
(800) 631 8127
Email: ir@urg.ca
afriedrich@small-cap-invest.com Fax: (757) 306-6092
rich@yesinternational.com
FORWARD LOOKING STATEMENTS
This press release may contain forward-looking statements including
expectations of future production. More particularly, this press release
contains statements concerning Wyn Developments Inc. future production
estimates, expansion of oil and gas property interests, exploration and
development drilling, regulatory applications, payout estimates, capital
expenditures, and drilling locations to be drilled in 2006. These
statements are based on current expectations that involve a number of
risks and uncertainties, which could cause actual results to differ from
those anticipated. These risks include, but are not limited to: the
risks associated with the oil and gas industry (e.g., operational risks
in development, exploration and production; delays or changes in plans
with respect to exploration or development projects or capital
expenditures; the uncertainty of reserve estimates; the uncertainty of
estimates and projections relating to production, costs and expenses,
and health, safety and environmental risks), commodity price, price and
exchange rate fluctuation and uncertainties resulting from potential
delays or changes in plans with respect to exploration or development
projects or capital expenditures. Additional information on these and
other factors that could affect Wyn's operations or financial results
are included in Wyn Development's reports on file with Canadian
securities regulatory authorities. The forward-looking statements or
information contained in this news release are made as of the date
hereof and Wyn Developments undertakes no obligation to update publicly
or revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so
required by applicable securities laws. Oil and Gas Advisory. This press
release contains disclosure expressed as "Boe/d". All oil and natural
gas equivalency volumes have been derived using the ratio of six
thousand cubic feet of natural gas to one barrel of oil. Equivalency
measures may be misleading, particularly if used in isolation. A
conversion ratio of six thousand cubic feet of natural gas to one barrel
of oil is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency
at the well head. The TSX Venture Exchange has not reviewed and does
not accept responsibility for the adequacy or accuracy of this release.
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