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CALGARY,
June 27, 2013 /CNW/ - Whitemud
Resources Inc. ("Whitemud" and the "Company") (NEX - "WMK.H") is
pleased to announce that an application to have the Company
reinstated for trading on the NEX has been approved by the
TSXV.
In December, 2010 the regulatory authorities in
the provinces of Alberta,
British Columbia, Manitoba, Ontario and Quebec (the "Reporting Jurisdictions") issued
cease trade orders (the "Cease Trade Orders") against Whitemud for
failure to file financial information in accordance with applicable
securities laws. Also, in December, 2010, a receiver and
manager of the Company was appointed under the Bankruptcy and
Insolvency Act (Canada) and
the TSX Venture Exchange (the "TSXV") issued a bulletin suspending
the listing of the Company's shares and reclassifying the Company's
listing from a Tier 1 company to a Tier 2 company. On February 25, 2011, the TSXV issued a further
bulletin transferring the Company's listing to NEX effective
February 28, 2011.
The issue of 16,000,000 Class "A" voting common
shares (the "Common Shares") and 326,499,700 Class "B" non-voting
shares from treasury to Kasten Energy Inc.(and it nominee(s)) as
the sponsor of a proposal submitted to and approved by various
classes of creditors of Whitemud, was approved by a court order
issued by the Court of Queen's Bench of Alberta on August 12,
2011 (the "Court Order"). Of the 16,000,000 Common Shares
approved for issuance, Kasten Energy Inc. ("Kasten") was issued
1,024,000 Common Shares and Petrogas Energy Corp. ("Petrogas") was
issued 14,976,000 Common Shares. As a result, Kasten holds
approximately 3% and Petrogas holds approximately 44% of the issued
and outstanding Common Shares. The Class "B" non-voting
shares approved under the Court Order have not yet been
issued. It is not anticipated that the Class "B" non-voting
shares, when issued, will be listed for trading on any
exchange.
Following the issue of the Court Order, Whitemud
made applications for the revocation of the Cease Trade Orders
previously issued by each of the Reporting Jurisdictions. The
Cease Trade Orders were lifted by the Reporting Jurisdictions in
April, 2013. Whitemud's continuous disclosure filings are
current and can be found on its profile at
www.sedar.com. Following the revocation of the Cease
Trade Orders, the Company proceeded to make application for
reinstatement of trading of its Common Shares on the NEX.
Whitemud has been advised by the Exchange that trading of its
Common Shares is scheduled to commence effective at the opening
Friday, June 28, 2013.
An Annual General and Special Meeting of
Shareholders will be held in Calgary,
Alberta on Thursday June 27,
2013 at 10:00 a.m. at the Bow
Valley Club, 370-250-6th Avenue S.W., Calgary, Alberta. A copy of the
management information circular in respect of this meeting can be
found on the Company's SEDAR profile.
About Whitemud Resources Inc.
Whitemud is a Canadian-based corporation holding
mineral rights to exploit a large kaolin deposit in southern
Saskatchewan, together with a
processing facility located on the property. Whitemud's product,
Whitemud (MK) is a cement-grade metakaolin that enhances the
performance of cement for oil and gas wells and construction
applications. The Company uses a patented process that minimizes
environmental impact.
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the NEX)
accepts responsibility for the adequacy or accuracy of this
release.
SOURCE Whitemud Resources Inc.