Megastar Updates Shareholders Regarding Plan of Arrangement and Dividend Distribution
12 Janvier 2011 - 2:57AM
Marketwired
Megastar Development Corporation ("Megastar", the "Company" or
"MDV") (TSX VENTURE: MDV)(FRANKFURT: M5Q) today updated
shareholders regarding the status of its recently announced plan of
arrangement and dividend distribution of 70,000,000 common shares
of Eloro Resources Ltd.
The plan of arrangement was approved by special resolution of
the shareholders on December 20, 2010 and received requisite
approval of the Supreme Court of British Columbia under Section 288
of the British Columbia Corporations Act on December 21, 2010. The
plan of arrangement has been initiated and, upon completion, will
result in the distribution of 70,000,000 shares of Eloro Resources
Ltd. to Megastar shareholders of record at close of markets on
January 7, 2011. Based on a total of 42,127,233 outstanding and
issued common shares in the capital stock of Megastar on the
January 7, 2011, the ratio of distribution will be approximately
1.6616329869 Eloro shares for each Megastar share. The Ex-dividend
date, the date as of which a purchaser of Megastar common shares is
no longer entitled to receive Eloro shares pursuant to the
arrangement, is January 5, 2011.
The 70,000,000 shares of Eloro Resources to be distributed were
received by Megastar in consideration of the sale of its Simkar
property to Eloro Resources. The Eloro shares were transferred into
escrow on November 18, 2010. Completion of Megastar's plan of
arrangement and subsequent release from escrow of the Eloro Shares
is subject to TSXV acceptance of the sale and acquisition of the
Simkar property and registration of title transfer in respect of
the property.
Megastar will notify shareholders upon TSXV acceptance of the
transaction and dividend distribution.
ABOUT MEGASTAR DEVELOPMENT CORP.
Megastar Development Corp. is an emerging resource company
engaged in the acquisition, exploration and development of mineral
properties in Canada. Megastar owns gold and base metal properties
in Quebec and British Columbia. For further information, investors
and shareholders are invited to visit the Company's website at
www.megastardevelopment.com or call the office at 604-683-6648.
ON BEHALF OF THE BOARD OF DIRECTORS
Dusan Berka, P. Eng., President & CEO
Statements made in this news release that are not historical
facts are "forward-looking statements", and readers are cautioned
that any such statements are not guarantees of future performance,
and that actual developments or results, may vary materially from
those in these "forward-looking" statements.
Neither the 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 news release.
Contacts: Megastar Development Corporation Dusan Berka, P. Eng.
President & CEO 604-683-6648 604-683-1350 (FAX)
www.megastardevelopment.com
Megastar Development (TSXV:MDV)
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