Lumina Copper Corp. and Lumina Royalty Corp. Announce Closing of Arrangement
17 June 2011 - 10:30PM
Marketwired
Lumina Copper Corp. ("Lumina Copper") (TSX VENTURE: LCC) and Lumina
Royalty Corp. ("Lumina Royalty") are pleased to announce that they
have closed their previously announced arrangement effective at
11:59 p.m. on June 16, 2011 (the "Effective Time").
Tax Information Related to the Plan of Arrangement
Under the terms of a statutory plan of arrangement which
received shareholder approval on June 7, 2011 (the "Plan of
Arrangement"), the shareholders of Lumina Copper (the
"Shareholders") each received, as a distribution in respect of a
reduction of capital, one common share of Lumina Royalty for each
common share of Lumina Copper held at the Effective Time.
As described more fully in Lumina Copper's management
information circular which was mailed to shareholders on May 10,
2011 (the "Circular"), each Shareholder must, for the purposes of
the Income Tax Act (Canada), subtract from the adjusted cost base
of the common shares of Lumina Copper held at the Effective Time an
amount equal to the fair market value of the common shares of
Lumina Royalty received under the Plan of Arrangement. Lumina
Copper has obtained a professional valuation which ascribes to the
common shares of Lumina Royalty at the Effective Time an aggregate
fair market value of $25,735,000, or $0.683 per common share.
Lumina Copper will prepare its tax returns based on this
valuation, and believes that it would be reasonable for the
Shareholders to also rely on the valuation for their own tax
purposes. However the valuation is not binding on the Canada
Revenue Agency or the Internal Revenue Service.
The foregoing is qualified entirely by the Circular and is not
intended to be tax advice to any particular Shareholder.
Shareholders are encouraged to read the Circular in full and to
consult with their own tax advisors having regard to their own
circumstances.
The common shares of Lumina Copper will continue to trade on the
TSX Venture Exchange under the symbol "LCC". The common shares of
Lumina Royalty are not currently listed on any exchange.
LUMINA COPPER CORP.
David Strang, President & CEO
LUMINA ROYALTY CORP.
David Strang, President & CEO
CAUTION REGARDING FORWARD LOOKING STATEMENTS: This news release
contains "forward-looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities legislation. Forward-looking
statements include, but are not limited to, statements with respect
to the completion of a reorganization of the Company and the
transfer of certain of the Company's passive assets to a company to
be incorporated, the future price of gold, silver, copper and
molybdenum, and the Company's commitment to, and plans for
developing any of its projects. Generally, these forward-looking
statements can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "can", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking statements, including but not limited to: the risks
of the Company not obtaining the required approvals to proceed with
the proposed reorganization, tax consequences of the proposed
reorganization, risks related to the exploration and potential
development of the Company's projects, risks related to
international operations, the actual results of current exploration
activities, conclusions of economic evaluations, changes in project
parameters as plans continue to be refined, future prices of gold,
silver, copper and molybdenum, as well as those factors discussed
in the sections relating to risk factors of our business filed in
the Company's required securities filings on SEDAR. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results to be materially different from those anticipated,
described, estimated, assessed or intended.
There can be no assurance that any forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company does not undertake to
update any forward-looking statements that are incorporated by
reference herein, except in accordance with applicable securities
laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Lumina Copper Corp. David Strang President & CEO
604 646 1880 604 687 7041 (FAX) dstrang@luminacopper.com
www.luminacopper.com Lumina Royalty Corp. David Strang President
& CEO 604 646 1880 604 687 7041 (FAX)
dstrang@luminacopper.com
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