Eloro and Megastar Announce New Eloro Shareholder Meeting Date
18 Novembre 2010 - 12:26AM
Marketwired
Eloro Resources Ltd. (TSX VENTURE: ELO)(FRANKFURT: P2Q) ("Eloro")
and Megastar Development Corp. (TSX VENTURE: MDV)(FRANKFURT: M5Q)
("Megastar") announce today that Eloro has further rescheduled its
Annual and Special Meeting (the "Meeting") of its shareholders. The
Meeting will now be held on December 20, 2010, to consider for
approval, among customary and general matters, an ordinary
resolution to approve the previously announced acquisition (the
"Acquisition") of certain mining concessions and property
comprising Megastar's Simkar property near Val d'Or, Quebec (the
"Simkar Property") in exchange for Eloro issuing 70,000,000 of its
common shares (the "Eloro Common Shares") to Megastar on a
tax-deferred basis pursuant to s.85(1) of the Income Tax Act
(Canada). The companies anticipate that the Acquisition will be
followed by an arrangement whereby Megastar will distribute the
Eloro Common Shares to its shareholders pursuant to a plan of
arrangement (the "Arrangement") under the Business Corporations Act
(British Columbia).
As set out in a Notice of Meeting and Record Date dated and
filed on SEDAR on October 12, 2010, the Meeting was originally
scheduled for December 7, 2010. Eloro and Megastar further
announced on November 9, 2010, that the Meeting had been
rescheduled for December 14, 2010. However it has been rescheduled
to December 20, 2010 in order to ensure that Eloro can prepare an
updated NI 43-101 compliant technical report on the Simkar Property
(the "Updated Report") and include a summary of the Updated Report
in the Eloro Management Information Circular (the "Eloro Circular")
that will be mailed to all Eloro shareholders entitled to receive
notice of and to vote at the Meeting, or any adjournment thereof.
As a result, Eloro has postponed the Meeting from December 14, 2010
to December 20, 2010.
The record date of November 5, 2010 (the "Record Date") for the
Meeting will remain unchanged. All Eloro shareholders of record on
November 5, 2010 will be entitled to consider and vote at the
Meeting on an ordinary resolution to approve the Acquisition
described above. The Eloro Circular summarizing, among other
things, the Acquisition and the Updated Report will be mailed to
holders of record on the Record Date in advance of the Meeting.
Completion of the Acquisition is subject to receipt of all
required consents and approvals, including without limitation,
shareholder approval and TSXV acceptance.
About Eloro
Eloro is a junior exploration company focused on discovering and
developing precious metals in the Val-d'Or mining camp, as well as
quality precious and base metal resources in the James Bay region
of northern Quebec. In the James Bay region, Eloro has 11
gold-copper-silver properties (1,062 claims) covering 548 km(2) in
the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp's
Eleonore Gold Project. Eloro also has an option to acquire an
undivided 50% interest in the Simkar Property from Megastar; Eloro
and Megastar have recently signed a letter of intent to complete a
business combination pursuant to which Eloro will acquire 100% of
the Simkar Property from Megastar in exchange for 70,000,000 Eloro
shares, which shares are to be distributed pro rata to Megastar's
shareholders (see joint press release dated August 30, 2010).
About Megastar
Megastar 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, including the Simkar Gold Project in Val d'Or,
Quebec.
Information in this news release respecting the transactions
involving Eloro and Megastar, including but not limited to the
Acquisition and the Arrangement, constitutes forward-looking
information. Statements containing forward-looking information
express, as at the date of this news release, the companies' plans,
estimates, forecasts, projections, expectations, or beliefs as to
future events or results and are believed to be reasonable based on
information currently available to the companies. Forward-looking
statements and information are based on assumptions that financing
and personnel will be available when required and on reasonable
terms, and all necessary regulatory approvals and shareholder
approval will be obtained, none of which are assured and each of
which is subject to a number of other risks and uncertainties.
There can be no assurance that forward-looking statements will
prove to be accurate. Actual results and future events could differ
materially from those anticipated in such statements. Readers
should not place undue reliance on forward-looking information.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this release.
Contacts: Eloro Resources Ltd. Thomas G. Larsen President and
CEO (416) 868-9168 (416) 361-1333 (FAX) www.elororesources.com
Megastar Development Corp. Dusan Berka, P. Eng. President and CEO
(604) 683-6648 (604) 683-1350 (FAX) www.megastardevelopment.com
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