Vancouver, B.C. � Kaminak Gold
Corporation (KAM: TSX-V) today
announced that Kaminak shareholders have approved the uranium spin-out
transaction involving Kivalliq Energy Corporation, and the British Columbia
Supreme Court has granted final approval. Monday, June 30th, 2008 will be the
last day to acquire Kaminak shares on the TSX Venture Exchange and still
receive units in Kivalliq on the closing of the spin-out. The complete
expected timetable for the closing is outlined below.
- Monday, June 30th, 2008 � Last
day to acquire Kaminak shares on the TSX Venture Exchange and still
receive Kivalliq units on the closing of the spin-out.
- Friday, July 4th, 2008 �
Spin-out transaction closes. Kaminak shareholders of record as of July
4th, 2008 are entitled to receive Kivalliq securities.
- Monday, July 7th, 2008 �
Trading in Kivalliq shares expected to commence on the TSX Venture
Exchange at market open under the trading symbol KIV (subject to final
TSX Venture Exchange approval).
Under the spin-out transaction, Kaminak
shareholders of record reflected as at the close of business on July 4th,
2008 on the register of shareholders maintained by the Kaminak registrar and
transfer agent will be mailed one Kivalliq unit for every two Kaminak shares
held. Each Unit comprises 0.8 of one Kivalliq share and 0.5 of one Kivalliq
warrant. Each whole Kivalliq warrant will be exercisable at a price of
$0.25 per Kivalliq share for a period of 30 days commencing on Friday, July
4th, 2008.
As a mechanical step of the spin-out transaction, the authorized
share structure of Kaminak will also be amended, ultimately resulting in each
issued common share of Kaminak being exchanged for one Class A common share
of Kaminak. Certificates formerly representing Kaminak common shares will
from and after the effective date of the spin-out transaction represent
Kaminak Class A common shares. Any future issuance of certificates
representing Kaminak Class A common shares will use the new form of share
certificates with ISIN CA 48356P2026.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation is a new, uranium focused,
exploration and development company. A ground-breaking Inuit partnership and
the combination of Kaminak Gold Corporation�s (KAM: TSX-V) uranium assets
spawned the creation of Kivalliq.
This unique Inuit partnership between Kivalliq and Nunavut
Tunngavik Incorporated (�NTI�) awarded Kivalliq the right to explore and
advance the high-grade and near surface Lac Cinquante Occurrence, an 11.6
million pound historical, uranium and molybdenum occurrence (non National
Instrument 43-101)** with grades averaging 1.03% U3O8 (see Kaminak's press
release dated January 31st, 2008). In addition to hosting the Lac Cinquante
Occurrence, the 250,000 acre Angilak property boasts numerous other untested
occurrences of uranium � copper � silver and gold. Kivalliq is the first
uranium company to be awarded the right to explore for uranium on
privately-held Inuit owned land in Nunavut.
Disclosure of a technical nature contained in this release has
been reviewed and approved by Dr. Rob Carpenter, Ph.D., P. Geo., the
President and CEO of Kaminak, who is a Qualified Person for the purposes of
National Instrument 43-101.
On behalf of the Board of Directors
�Rob Carpenter�
Rob Carpenter, Ph.D., P. Geo.
President and CEO
Kaminak Gold Corporation
For further information about Kaminak Gold Corporation, Kivalliq
Energy Corporation or this news release, please visit our website at www.kaminak.com or contact Tony Reda, Investor
Relations, at toll free 1.888.331.2269 or directly at 604.646.4534.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United States.
The securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities
Act") or any state securities laws and may not be offered or sold within
the United States or to U.S. Persons unless registered under the U.S. Securities
Act and applicable state securities laws or an exemption from such
registration is available.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
** The quoted disclosure for the Lac Cinquante Uranium
Molybdenum Occurrence was prepared by Aberford Resources Ltd. The deposit is
historical and should not be relied upon since it is not compliant to
standards set out in National Instrument 43-101. However, it is relevant
because: it is indicative of a mineralized zone worthy of follow up
exploration as it is based on drilling exploration and development carried
out by what is believed to be knowledgeable explorers in accordance with
acceptable industry practices at the time of the estimate. A Qualified Person
has not classified historical estimates as current mineral
resources/reserves, and Kaminak is not treating them as current mineral
resources/reserves since work to date has not verified the historical
estimates. Kaminak has not done any work to confirm these estimates but will
be planning exploration programs aimed at evaluating the economic potential
of the deposit and environs. It is uncertain if further exploration will
result in the deposit being delineated as a mineral resource.
Certain disclosures in this release, including management's
assessment of Kaminak�s plans and projects and intentions with respect to a
proposed spin-off, listings of securities, use of proceeds and future
exploration programs, constitute forward-looking statements that are subject
to numerous risks, uncertainties and other factors relating to Kaminak�s and
Kivalliq's operations as mineral exploration companies that may cause future
results to differ materially from those expressed or implied in such
forward-looking statements, including risks as to the completion of the plans
and projects and the receipts of all necessary approvals for the proposed
spin-off. Readers are cautioned not to place undue reliance on forward-looking
statements. Kaminak expressly disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new
information, future events, or otherwise.