/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES./
ST. HELIER, Jersey, U.K., April 3 /CNW/ - Further to disclosure requirements of applicable securities laws, W. David Lyons, the Chairman of Orca Exploration Group Inc. ("Orca"), announces that he has gifted 1,741,975 Class A Common Shares and 4,373,254 Class B Subordinate Voting Shares of Orca to Mourant & Co. Trustees Limited as trustee of the W. David Lyons (2008) Settlement ("Settlement") and that such shares have been contributed by the Settlement to Shaymar Limited ("Shaymar"), a wholly-owned subsidiary of the Settlement. Following completion of the aforementioned transfer, Mr. Lyons will continue to hold options to acquire 1,000,000 Class B Subordinate Voting Shares of Orca.
Immediately following Shaymar's acquisition of the aforementioned securities of Orca, Shaymar held 1,741,975 Class A Common Shares of Orca and 4,373,254 Class B Subordinate Voting Shares of Orca. The 1,741,975 Class A Common Shares of Orca and 4,373,254 Class B Subordinate Voting Shares of Orca held by Shaymar represent approximately 99% of the Class A Common Shares and 16% of the Class B Subordinate Voting Shares of Orca issued and outstanding on the date hereof.
Shaymar acquired ownership of the aforementioned securities of Orca for investment purposes. Shaymar may in the future take such actions in respect of its holdings as it may deem appropriate in light of the circumstances then existing, including the purchase of additional shares or other securities of Orca through open market purchases or privately negotiated transactions, or the sale of all or a portion of its holdings in the open market or in privately negotiated transactions to one or more purchasers.