VANCOUVER, 04/16/13 - Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE: PLL) has determined that because it is a Canadian corporation with more than 50% of its consolidated assets classified as passive, the U.S. Internal Revenue Service considers Palladon to be a passive foreign investment company ("PFIC"). Palladon became a PFIC on March 15, 2010, when it executed the Satisfaction and Settlement agreement that resulted in Palladon owning less than 25% of CML Holdings, Inc.
In order to provide affected shareholders with additional information, Palladon has posted on its website at www.palladonventures.com an important tax notice to U.S. Shareholders, entitled: Tax Issues for U.S. Shareholders_April 2013 (the "Notice"). The Notice is provided for shareholders who are United States persons for purposes of the Internal Revenue Code ("U.S. Shareholders") and is not relevant to other shareholders.
U.S. Shareholders are urged to review the Notice and to consult their own tax advisor regarding the U.S. tax consequences of the PFIC rules to their investment in Palladon.
About Palladon Ventures Ltd.
Palladon owns a significant minority interest in CML Holdings, Inc., which is focused on advancing the Iron Mountain project, an iron ore mine and concentrate processing plant located west of Cedar City, Utah.
Neither 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.
Contacts:
Palladon Ventures Ltd. John W. Cutler, Chief Executive Officer 801.521.5252 604.681.4760 (FAX) info@palladonventures.com www.palladonventures.com
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VANCOUVER, 04/16/13 - Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE: PLL) has determined that because it is a Canadian corporation with more than 50% of its consolidated assets classified as passive, the U.S. Internal Revenue Service considers Palladon to be a passive foreign investment company ("PFIC"). Palladon became a PFIC on March 15, 2010, when it executed the Satisfaction and Settlement agreement that resulted in Palladon owning less than 25% of CML Holdings, Inc.
