VANCOUVER, June 1, 2018 -
Winston Resources Inc. ("Winston" or the "Company") (CSE: WRW) (FSE:WNT) is pleased to announce that further to its news release on May 24, 2018, the Company intends to complete the distribution (the "Distribution") of a total of 15,000,000 common shares (the "Abattis Shares") of Abattis Bioceuticals Corp. ("Abattis") on or about June 8, 2018 on a pro rata basis to the Company's shareholders of record as of January 23, 2018 (the "Winston Shareholders"). Each Winston Shareholder is entitled to receive approximately 0.5968 of one Abattis Share for each common share of Winston held.
Pursuant to the Distribution, it is expected that an aggregate total of approximately 14,362,773 Abattis Shares will be distributed to Winston Shareholders resident in Canada ("Canadian Winston Shareholder"). DRS Advice representing the number of Abattis Shares that each Canadian Winston Shareholder is entitled to, will be delivered by mail to the address of the shareholder as it appears on the central securities register of Winston. The Company's transfer agent, Computershare Trust Company of Canada, will coordinate the sale of a total of approximately 637,210 Abattis Shares that Winston Shareholders resident in the U.S. and internationally (the "International Winston Shareholders") are entitled. The net sale proceeds (less 25% of the sale proceeds that are to be remitted as a withholding tax to the Canadian Revenue Agency) from the sale of such Abattis Shares will then be distributed to International Winston Shareholders accordingly.
The information contained in this news release is not intended to be, and should not be construed to be, legal, business or tax advice to any particular Winston Shareholder or any other person, and no representation is made in this news release with respect to the tax consequences to any particular Winston Shareholder or other person. Winston Shareholders should consult with their own tax advisors regarding the tax consequences of the Distribution having regard to their particular circumstances.
ON BEHALF OF THE BOARD OF DIRECTORS
"Quinn Field-Dyte"
Quinn Field-Dyte, Chief Executive Officer
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding "Forward-Looking" Information This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. In particular, this release contains forward-looking information relating to the intention of the Company to complete the Distribution, the related transactions and the business of the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
SOURCE Winston Resources Inc.
Contact
Please contact: Winston Resources Inc.
Quinn Field-Dyte, CEO
Phone: 604-283-1722
