|By Marketwired .||
|March 21, 2014 04:30 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/21/14 -- Palladon Ventures Ltd. ("Palladon") (TSX VENTURE:PLL) has posted to its website a PFIC Annual Information Statement, which states that for Palladon's taxable year ended February 28, 2014, the pro-rata Ordinary Earnings, Net Capital Gain, and Cash/Property distributions are all $nil.
Palladon disclosed on April 16, 2013 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").
In order to provide U.S. Shareholders with additional information, Palladon previously posted on its website an Important Tax Notice For U.S. Shareholders (the "Notice"). The Notice is provided for shareholders who are United States persons for purposes of the Internal Revenue Code, and is not relevant to other shareholders.
U.S. Shareholders are urged to review the Notice and to consult with 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.