Galahad Announces 93% Shareholder Approval of Return of Capital and Sets Distribution Record Date
01 Dezembro 2011 - 7:18PM
Marketwired
Galahad Metals Inc. ("Galahad")(TSX VENTURE:GAX) announced today
that its shareholders have approved at a special meeting of
shareholders held on November 30, 2011 a reduction of stated
capital in the common shares of Galahad ("Galahad Shares") and the
related distribution ("Distribution") to eligible Galahad
shareholders of common shares of its subsidiary Red Ore Gold Inc.
("RXX Shares") by way of a tax free return of capital.
Galahad shareholders will receive one RXX Share for every 20
Galahad Shares held pursuant to the Distribution, provided that the
Galahad shareholder would be entitled to receive 500 or more RXX
Shares pursuant to the Distribution and is a resident of Canada or
another eligible offshore (i.e. non-United States) jurisdiction.
Ineligible Galahad shareholders will receive a cash equivalent of
$0.10 for each 20 Galahad Shares owned.
The record date to determine the shareholders of Galahad
entitled to the Distribution of RXX Shares is December 9, 2011. The
Distribution will be paid on or about December 12, 2011. The
ex-dividend date will be December 7, 2011.
The RXX Shares that will be received by eligible Galahad
shareholders pursuant to the Distribution are subject to a hold
period up until January 16, 2012. However, there is currently no
market through which the RXX Shares may be sold and Galahad
shareholders that receive RXX Shares may not be able to resell
their RXX shares.
The statements in this Press Release may contain forward looking
statements that involve a number of risks and uncertainties.Actual
events or results could differ materially from the Company's
expectations and projections.
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 Press Release.
Contacts: Robin Dow, President, C.E.O
1-888-834-7708robin@dowgroup.ca In Vancouver: Wayne Meredith
1-604-569-2509wayne@dowgroup.ca Investor relations Sean Kingsley
1-877-681-8669s.kingsley@tridentfin.com
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