Trading Symbol: CAA -TSX.V
VANCOUVER, July 13, 2011 /PRNewswire/ - Callinan Royalties
Corporation ("Callinan Royalties") is pleased to announce that its
name change from Callinan Mines Limited ("Callinan Mines") has been
made effective today and that its plan of arrangement (the
"Arrangement") with Callinex Mines Inc. ("Callinex") has closed
today. Callinan Royalties' trading symbol will remain
"CAA".
Pursuant to the Arrangement, Callinan Mines' exploration properties, except
the War Baby Claim, have been transferred to Callinex in exchange
for shares in the capital of Callinex (the "Callinex Shares") and,
as at the record date today (the "Record Date"), Callinan Royalties
has distributed to the shareholders of Callinan Mines one Callinex Share for every 4.5
common shares of Callinan Mines
("Callinan Mines Share") held and one common share of Callinan
Royalties ("Callinan Royalties Share") for each common share of
Callinan Mines held. No new share
certificates will be issued for the Callinan Royalties Shares.
In addition, Callinan Royalties has transferred
$8 million and 500,000 Callinan
Royalties Shares to Callinex. The 500,000 Callinan Royalties
Shares are being held by Callinex for share issuances under
property agreements. Any of the 500,000 Callinan Royalties Shares
that are not so used will be returned to Callinan Royalties.
The Callinex Shares will commence trading on the
TSX Venture Exchange under the symbol "CNX" at the opening of the
market on July 14, 2011.
Details of the treatment of options and warrants
previously exercisable for Callinan Mines Shares are set out in the
Management Proxy Circular of Callinan
Mines dated May 6, 2011 and
filed under its SEDAR profile on May 11,
2011.
Callinan Royalties Corporation
Mike
Muzylowski
Mike
Muzylowski
Chariman
Cautionary Statement on Forward-Looking
Information
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Certain of the information presented in this
News Release may constitue "forward-looking statements" or
"forward-looking information" within the meaning of Canadian
securities legislation (together referred to as "forward-looking
statements"). . The forward-looking statements are subject to
risks, uncertainties and other factors that may cause actual
results to be materially different from those expressed or implied
by such forward-looking statements, including any delays in the
receipt of consents or approvals. Although Callinan Royalties has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that such
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 contained in this News Release and in
any document referred to in this News Release. Forward-looking
statements are made based on management's beliefs, estimates and
opinions on the date the statements are made and Callinan
Royaltiesundertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable
law.
SOURCE Callinan Mines Ltd.