TORONTO, ONTARIO--(Marketwired - June 2, 2015) - Brilliant Resources Inc. (TSX VENTURE:BLT) (the "Company" or "Brilliant") announces that further to the Company's new releases dated April 10, 2015 and May 27, 2015 announcing a return of capital to its shareholders of $0.145 per share (the "Return of Capital"), the Return of Capital will be distributed to shareholders of Brilliant pursuant to the TSX Venture Exchange's due bill trading policy. Pursuant to such policy:
- the record date (the "Record Date") to determine shareholders of Brilliant entitled to the Return of Capital is June 25, 2015;
- the due bill trading date will be June 23, 2015 (two trading days prior to the Record Date);
- the payment or distribution date (the "Distribution Date") will be July 7, 2015;
- the ex-distribution date will be July 8, 2015 (the next trading day following the Distribution Date); and
- the due bill redemption date will be July 10, 2015 (the second trading day following the ex-distribution date).
For clarification, "due bills" will represent the Return of Capital that Brilliant shareholders will be entitled to receive. The due bills will be deemed to be attached to Brilliant's common shares two trading days prior to the Record Date, and will continue to be attached to Brilliant's shares until the end of the Distribution Date. Accordingly, Brilliant's shares will trade on a "due bill" basis from June 23, 2015 until close of trading on July 7, 2015 (the "Due Bill Period"). This means that persons who sell their Brilliant shares during the Due Bill Period shall also sell their entitlement to the Return of Capital to the purchasers of shares. Brilliant's shares will commence trading on an ex-distribution basis (i.e. without an attached "due bill" entitlement to the distribution) from the opening of trading on July 8, 2015 (i.e. the next trading day after the Distribution Date). The due bills will be redeemed on July 10, 2015 once all trades with attached due bills entered during the Due Bill Period have settled.
The common shares of the Company acquired upon the exercise of stock options on or prior to June 24, 2015 will have due bills attached to them.
The Return of Capital is subject to shareholder approval, as well as shareholder and regulatory approval and the completion of the proposed change of business of the Company (the "Proposed COB"), as further described in the information circular of the Company dated May 25, 2015, a copy of which is available at www.sedar.com.
Other Information
Completion of the Proposed COB is subject to a number of conditions, including TSXV acceptance and shareholder approval. There can be no assurance that the Proposed COB will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the circular to be prepared in connection with the Proposed COB, any information released or received with respect to the Proposed COB may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the Proposed COB and has neither approved nor disapproved the contents of this press release.
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.
Caution concerning forward-looking information
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the future strategy of the Company and the possible approvals of the Return of Capital and the Proposed COB. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and, accordingly, undue reliance should not be placed thereon. Risks and uncertainties that may cause actual results to vary include, but are not limited to, failure by the Company to obtain shareholder approval of the Return of Capital; failure to obtain shareholder or regulatory approval of the Proposed COB; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Brilliant disclaims any obligation to update or revise any forward-looking information or statements except as may be required by applicable law.