OPTI Announces TSX Approval of Two-for-One Share Split
OPTI Canada Inc. reports that its previously announced two-for-one share split has been approved by the Toronto Stock Exchange (TSX). Pursuant to the rules of the TSX, OPTI's common shares will commence trading on a subdivided basis at the opening of business on May 30, 2006, the second trading day preceding the Record Date of June 1, 2006.
Shareholders of record as of the close of business on the Record Date will be provided with additional share certificates representing the one additional common share for each one common share held on the Record Date. It is currently expected that OPTI or its transfer agent, Valiant Trust Company, will mail such certificates on or about June 6, 2006. Currently outstanding share certificates representing common shares should be retained by shareholders and should not be forwarded to OPTI or its transfer agent.
OPTI Canada Inc. is a Calgary, Alberta-based company focused on developing the fourth and next major integrated oil sands project in Canada, the Long Lake Project, in a 50/50 joint venture with Nexen Inc. The first phase of the Project consists of 72,000 barrels per day of SAGD (steam assisted gravity drainage) oil production integrated with an OPTI-operated upgrading facility, using OPTI's proprietary OrCrude(TM) process and commercially available hydrocracking and gasification. Through gasification, this configuration substantially reduces the exposure to and the need to purchase natural gas. The Project is expected to produce 58,500 b/d of products, primarily 39 degree API premium sweet crude with low sulphur content, making it a highly desirable refinery feedstock. First steam injection is scheduled to commence in late 2006 and the Upgrader is scheduled to start up in mid-2007. OPTI's common shares trade on the Toronto Stock Exchange under the symbol OPC.
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