Chudleigh Ventures Inc.
TSX VENTURE : CLV.P

May 04, 2010 18:50 ET

Chudleigh Ventures Inc. Announces Receipt of Final TSXV Bulletin in Respect of Its Qualifying Transaction

TORONTO, ONTARIO--(Marketwire - May 4, 2010) - Chudleigh Ventures Inc. ("Chudleigh", or the "Company") (TSX VENTURE:CLV.P) is pleased to announce that the TSX Venture Exchange (the "Exchange") has issued a final exchange bulletin confirming the completion of its Qualifying Transaction (the "QT") involving the acquisition of all of the issued and outstanding securities of Sweet Diabetic Delight Foods Inc., doing business as Xylitol Canada ("Xylitol Canada"). The closing of the QT was announced by press release on April 22, 2010.

It is expected that the shares of Chudleigh will recommence trading on the Exchange on May 6, 2010 under the stock symbol "XYL". The new symbol will only become active on the day that trading recommences. The Company intends to change its name to "Xylitol Canada Inc." after its next annual meeting of shareholders. A Filing Statement dated March 30, 2010 describing the QT and the business of the resulting issuer is available under the Company's profile at www.sedar.com.

The Filing Statement had described an intended shares for debt transaction pursuant to which Andrew Reid would convert $250,000 of debt owed to him by Xylitol Canada into an aggregate of 1 million common shares of the Company upon closing of the QT. This shares for debt transaction was modified such that upon closing only $45,000 of debt was converted for 180,000 common shares of the Company. The following securities were issued in connection with the QT: (i) 37,380,000 common shares and 340,000 incentive stock options (having an exercise price of $0.25 and expiring on January 31, 2014) for the acquisition of Xylitol Canada; (ii) 18,040,000 common shares and 9,020,000 share purchase warrants (each entitling the holder to acquire one common share at an exercise price of $0.40 until April 22, 2012) for the concurrent private placement; and (iii) an aggregate of 2.8 million incentive options to directors and officers of the resulting issuer (each with an exercise price of $0.25 and expiring on April 22, 2014).

The Company's goal is to become a North American-based, low cost, high quality manufacturer of food and pharmaceutical-grade xylitol from readily available environmentally-sustainable biomass. Xylitol is an all natural sweetener, which contains 40% less calories than sugar.

Neither TSX Venture Exchange Inc. 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.

Contact Information

  • Chudleigh Ventures Inc.
    Andrew Reid
    President and CEO
    (416) 567-2331
    areid2@rogers.com