Inspiration Provides Additional Information on Proposed Spin-Out
12:37 EDT Monday, March 29, 2010
TORONTO, ONTARIO--(Marketwire - March 29, 2010) - Inspiration Mining Corporation (the "Company") (TSX:ISM)(FRANKFURT:OI8) would like to provide additional information regarding its proposed spin-out of the Company's wholly owned subsidiary Metal Mines, Inc. ("Metal Mines") as set out in the Company's press release of March 22, 2010.
Pursuant to the proposed restructuring plan, the Company intends to spin-out Metal Mines as a separate public company whose shares would be listed on the TSX. The current shareholders of the Company will own approximately 90.1% of the issued and outstanding shares of Metal Mines with the remaining 9.9% being retained by the Company. The Metal Mine shares will be distributed to the shareholders by way of a special dividend. Shareholders of record on April 6, 2010 will be eligible to receive the special dividend. All individuals who wish to purchase the Company's shares through the facilities of the TSX in order to receive the special dividend must do so before close of business on March 31, 2010.
The proposed spin-out is subject to regulatory and shareholder approval and there can be no assurance that the proposed spin-out would be completed. The listing of Metal Mine's shares will be subject to Metal Mine meeting the listing criteria of the TSX and there can be no assurance that Metal Mines will meet the criteria.
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. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "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", "could", "would", "might" or "will be taken", "occur" or "be achieved". Inspiration is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Inspiration cannot assure investors that actual results will be consistent with these forward looking statements and Inspiration assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.
FOR FURTHER INFORMATION PLEASE CONTACT:
Inspiration Mining Corporation
Randy Miller
President of the Corporation
416.842.9000
www.inspirationmining.com
or
For Investor Relations call:
Gale Capital Corporation
604.221.7604
604.221.7606 (FAX)
galecapital@shaw.ca
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
