Megastar Announces Results of Special Meeting and New Distribution Record Date
22 Dicembre 2010 - 10:05PM
Marketwired
Megastar Development Corporation ("Megastar", the "Company" or
"MDV") (TSX VENTURE: MDV)(FRANKFURT: M5Q) today announced that its
previously announced arrangement under the Business Corporations
Act (British Columbia) (the "Arrangement") has received the
requisite shareholder approval at the Company's special meeting of
shareholders held on December 20, 2010 (the "Meeting"). The
Arrangement was approved by 99.95% of shares voted at the Meeting.
Pursuant to the Arrangement, Megastar will distribute to its
shareholders those shares of Eloro Resources Ltd. ("Eloro"), which
it received as consideration for the sale of its Simkar Property to
Eloro (the "Distribution"). In order to comply with Exchange
policies, the Company has reset the record date for the
Distribution to January 7, 2011.
The final court order to approve the Arrangement was obtained on
December 21, 2010. If all other conditions to completion of the
Arrangement, including approval of the TSX Venture Exchange (the
"Exchange"), are satisfied, Megastar expects to close the
Arrangement as soon as possible following the Distribution Record
Date.
At the Meeting, shareholders also approved a resolution
approving a possible consolidation, if deemed to be necessary or
advisable by the Company's board of directors, on the basis of one
(1) new post-consolidation Megastar share for up to every six (6)
pre-consolidation Megastar shares outstanding. Such resolution was
approved by 93.05% of shares voted at the Meeting.
This news release should be read together with the more detailed
information contained in the management information circular of the
Company dated November 25, 2010, available on SEDAR at
www.sedar.com.
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 Corp. Dusan Berka, P. Eng.
President & CEO (604) 683-6648 (604) 683-1350 (FAX)
www.megastardevelopment.com
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