Related Quotes
| Symbol |
Price |
Change |
| LCC.V |
5.96 |
-0.19 |
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Press Release Source: Lumina Copper Corp. and Lumina Royalty Corp. On Friday June 17, 2011, 8:30 am EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 06/17/11) - Lumina Copper Corp. ("Lumina Copper") (TSX-V:LCC - News) and Lumina Royalty Corp. ("Lumina Royalty") are pleased to announce that they have closed their previously announced arrangement effective at 11:59 p.m. on June 16, 2011 (the "Effective Time").
Tax Information Related to the Plan of Arrangement
Under the terms of a statutory plan of arrangement which received shareholder approval on June 7, 2011 (the "Plan of Arrangement"), the shareholders of Lumina Copper (the "Shareholders") each received, as a distribution in respect of a reduction of capital, one common share of Lumina Royalty for each common share of Lumina Copper held at the Effective Time.
As described more fully in Lumina Copper's management information circular which was mailed to shareholders on May 10, 2011 (the "Circular"), each Shareholder must, for the purposes of the Income Tax Act (Canada), subtract from the adjusted cost base of the common shares of Lumina Copper held at the Effective Time an amount equal to the fair market value of the common shares of Lumina Royalty received under the Plan of Arrangement. Lumina Copper has obtained a professional valuation which ascribes to the common shares of Lumina Royalty at the Effective Time an aggregate fair market value of $25,735,000, or
.683 per common share.
Lumina Copper will prepare its tax returns based on this valuation, and believes that it would be reasonable for the Shareholders to also rely on the valuation for their own tax purposes. However the valuation is not binding on the Canada Revenue Agency or the Internal Revenue Service.
The foregoing is qualified entirely by the Circular and is not intended to be tax advice to any particular Shareholder. Shareholders are encouraged to read the Circular in full and to consult with their own tax advisors having regard to their own circumstances.
The common shares of Lumina Copper will continue to trade on the TSX Venture Exchange under the symbol "LCC". The common shares of Lumina Royalty are not currently listed on any exchange.
LUMINA COPPER CORP.
David Strang, President & CEO
LUMINA ROYALTY CORP.
David Strang, President & CEO