TORONTO, ONTARIO--(Marketwire - April 7, 2010) - Inspiration Mining Corporation (the "Company") (TSX:ISM)(FRANKFURT:OI8) is pleased to announce that, subject to the receipt of applicable regulatory approvals, it will distribute approximately 2,673,581 common shares (the "Shares") of Nitinat Minerals Corporation ("Nitinat") that it currently owns. The shares will be subject to a 12 month hold period from the distribution date.
Nitinat, an arm's length third party to the Corporation, completed its initial public offering and commenced trading through the facilities of the TSX Venture Exchange on Monday November 9, 2009 under the symbol "NZZ".
Pursuant to a purchase agreement dated December 1, 2007 but effective as at July 30, 2007, the Corporation received an aggregate of 13,367,904 common shares in the capital of Nitinat upon the automatic exercise of the 13,367,904 special warrants previously issued to the Corporation. The 13,367,904 common shares are subject to a twelve (12) month hold period. For complete details pertaining to the issuance of the special warrants and the issuance of the 13,367,904 common shares, shareholders are encouraged to review the press releases of the Company dated July 30, 2007, June 29, 2008 and November 4, 2009.
Shareholders of record as at July 30, 2007 will receive the Shares on a pro rata basis based on the respective number of common shares in the capital of the Company held by the shareholders on July 30, 2007.
The Company intends to distribute an additional 8,020,743 common shares of Nitinat in three (3) additional tranches. The decision to distribute additional shares will be subject to regulatory approval and the approval of the directors of the Company after reviewing all relevant factors. As such there can be no assurance that any additional shares of Nitinat will be distributed to the shareholders of the Company.
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
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.
