MONTREAL, QUEBEC--(Marketwire - April 19, 2012) - Stellar Pacific Ventures Inc. (TSX VENTURE:SPX) ("Stellar") The Board of directors is pleased to announce that the TSX Venture Exchange has granted its conditional approval for the release of 16,500,000 shares of Corporation TomaGold ("TomaGold") out of the 22,000,000 shares held by Stellar, from the escrow agreement dated December 22, 2011, entered into pursuant to the sale of the Quebec properties to TomaGold. The Exchange acceptance is subject to the escrow of all shares to be distributed to the "Principals" of TomaGold. These shares are reserved for the special distribution in favour of Stellar's shareholders. The residual 5,500,000 shares of TomaGold will remain in escrow for the benefit of Stellar. Shareholders are urged to carefully review the following information.
As previously announced, the record date for the distribution of the TomaGold shares has been set at April 30, 2012 (the "Record Date") on which date the TomaGold shares will be freely negotiable. All shareholders of Stellar, on the Record Date, will be eligible to receive, pro rata to their shareholding in Stellar, a portion of the 16,500,000 TomaGold shares to be distributed. As of this day, Stellar's shareholders will receive 0.133 of a share of TomaGold for each share owned in Stellar. The distribution ratio is based on the current shares outstanding in Stellar, 123,914,269, and may be revised on the Record Date to reflect any additional share issuances made prior to April 30, 2012.
No fractional shares of TomaGold will be issued and any fractions of a share will be rounded to the nearest whole number of common shares provided that not more than 16,500,000 common shares of TomaGold will be distributed. No action is required to be taken by the shareholder; all registered shareholders will receive a physical share certificate representing the TomaGold shares to their registered address and non-registered shareholders will receive their shares in book-entry form, directly in their account.
The shares of Stellar will trade ex dividend starting on April 26, 2012 which means that persons acquiring shares of Stellar on or after April 26, 2012 will not be eligible to participate in the distribution. The distribution of the Tomagold shares is set to take place May 4, 2012.