Eloro Resources Ltd
Symbol§C : ELO
Shares Issued 167,971,903
Close 2011-02-11 C$ 0.10
Recent Sedar Documents
Megastar to pay dividend on Eloro shares
2011-02-14 15:02 ET - News Release
See News Release (C-MDV) Megastar Development Corp
Mr. Dusan Berka of Megastar reports
MEGASTAR FURTHER UPDATES SHAREHOLDERS REGARDING PLAN OF ARRANGEMENT AND DIVIDEND DISTRIBUTION
Megastar Development Corp. has provided an update to shareholders regarding the status of its recently announced plan of arrangement and dividend distribution of 70 million common shares of Eloro Resources Ltd.
The plan of arrangement was approved by special resolution of the shareholders on Dec. 20, 2010, and received requisite approval of the Supreme Court of British Columbia under Section 288 of the British Columbia Corporations Act on Dec. 21, 2010. The plan of arrangement has been initiated and, upon completion, will result in the distribution of 70 million shares of Eloro Resources to Megastar shareholders of record at close of markets on Jan. 7, 2011. Based on a total of 42,127,233 outstanding and issued common shares in the capital stock of Megastar on Jan. 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 Jan. 5, 2011.
The 70 million shares of Eloro Resources to be distributed by Megastar were transferred into escrow on Nov. 18, 2010. On Feb. 3, 2011, the TSX Venture Exchange announced its final acceptance of the sale and acquisition of the Simkar property (see notice on Stockwatch). The release from escrow of the acquisition closing documents and the Eloro shares, and distribution of the Eloro shares remain subject to Eloro's receipt of confirmation from the Minister of Natural Resources and Wildlife (Quebec) that the transfer of title to the Simkar property from Megastar to Eloro has been registered. Although it is not known when confirmation of the registration will be issued, Eloro expects it will be completed shortly. Megastar will notify shareholders when a distribution date for the dividend is determined.
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