WGI announces details of capital distribution and dividend

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[{"type":"text","content":"\n\n\n\nCOEUR D'ALENE, ID, Dec. 11 /CNW/ - WGI Heavy Minerals, Incorporated (WGI)\n(TSX: WG) today announced that its shareholders have approved, at a special\nmeeting of shareholders held earlier today, a resolution authorizing the board\nof directors to reduce the stated capital account of the common shares of WGI\nby up to US$0.80 per common share. WGI also received today a final advance\nincome tax ruling from the Canada Revenue Agency that allowed its board of\ndirectors to finalize its determination of the portion of the special cash\ndistribution of US$0.80 per common share that can be paid by way of a return\nof capital, and therefore not be treated as a taxable dividend for Canadian\ntax purposes.\n\n\nWGI's board of directors has determined that the special cash\ndistribution of US$0.80 will be made up of US$0.64 to be paid by way of a\nreturn of capital and the balance of US$0.16 to be paid as a cash dividend.\nWGI designates the US$0.16 dividend portion of the above special cash\ndistribution to be an "eligible dividend" pursuant to subsection 89(14) of the\nIncome Tax Act (Canada) and its equivalent in any Provinces of Canada. The\nboard of directors has approved the reduction of the stated capital account of\nthe common shares, on the date the above special cash distribution is paid, by\nUS$0.64 per common share.\n\n\nThe special cash distribution of US$0.80 per common share will be payable\non January 12, 2009 to shareholders of record at the close of business on\nJanuary 2, 2009.\n\n\nAbout WGI\n\n\nWGI Heavy Minerals, Incorporated is a marketer of industrial grade\nminerals sourced primarily out of India, producer of industrial-grade garnet\nout of Idaho and Germany and manufacturer of replacement parts for ultra-high\nwaterjet cutting systems in the U.S. The Company's shares are listed on the\nToronto Stock Exchange under the symbol WG.\n\n\nThis press release contains forward-looking statements concerning the\nbusiness, operations, and financial performance and condition of WGI Heavy\nMinerals, Incorporated. A number of the matters discussed and statements made\nin the press release contain forward-looking statements reflecting current\nexpectations regarding future assets. When used in this press release, the\nwords "believe", "anticipate", "intend", "estimate&quot...

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