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TAG Oil Completes Payment of Dividend of Common Shares of Coronado Resources Ltd.
TAG Oil Completes Payment of Dividend of Common Shares of Coronado Resources Ltd. ...
About this update from Tag Oil Ltd
[{"type":"text","content":"\n\n\n\nTAG Oil Completes Payment of Dividend of Common Shares of Coronado Resources Ltd.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 25, 2017\n\n\n\nVANCOUVER, May 25, 2017 /CNW/ - TAG Oil Ltd. (the \"Company\" or \"TAG Oil\") (TSX: TAO and OTCQX: TAOIF) announces that the Company has completed the distribution of its approximately 2,785,029 Coronado Resources Ltd.'s (\"Coronado\") common shares (the \"Coronado Shares\") to its shareholders of record (the \"Dividend\") at the close of business on May 9, 2017 (the \"Record Date\"). TAG Oil's shareholders received approximately 0.0326 of a Coronado Share for each common share of TAG Oil held as of the Record Date. \n\nThe 2,785,017 Coronado Shares distributed by the Company pursuant to the Dividend represent approximately 49.19% of the total issued and outstanding Coronado Shares as of May 25, 2017. Immediately prior to the Dividend, the Company owned 2,785,029 Coronado Shares, which represented approximately 49.19% of the total issued and outstanding Coronado Shares as of May 25, 2017. Following completion of the Dividend, the Company will own 12 Coronado Shares representing approximately 0.0000021% of all issued and outstanding Coronado Shares (due to fractional Coronado Shares not being distributed, and the number of Coronado Shares that were distributed being rounded down to the nearest whole number of Coronado Shares).\n\nAs a result of TAG Oil's distribution of the Coronado Shares, the Company has ceased to be a control person of Coronado and Coronado is no longer a controlled subsidiary of TAG Oil. TAG Oil does not intend to increase its beneficial ownership of Coronado Shares whether in the open market, by privately negotiated agreement or otherwise.  \n\nCoronado is a Canadian domiciled publicly traded company that recently disposed of its power generation and mining assets, and the Coronado Shares are listed on the NEX board of the TSX Venture Exchange (\"TSX-V\") under the symbol \"CRD.H\", and on the OTC under the symbol \"CRDAF\". The NEX board is part of the TMX Gro...