Labrador Iron Ore Royalty Corporation Announces Securityholder Approval for Subdivision of Stapled Units; Re-Files Q1 Interim Financial Statements

About this update from Labrador Iron Ore Royalty Corporation

May 30, 2011 (Canada NewsWire Group) -- #ReleaseContent TABLE { BORDER-COLLAPSE: collapse } TR.cnwUnderlinedCell TD { BORDER-BOTTOM: #000000 1px solid } TR.cnwDoubleUnderlinedCell TD { BORDER-BOTTOM: #000000 3px double } TR.cnwBoldUnderlinedCell TD { BORDER-BOTTOM: #000000 3px solid } TD.cnwUnderlinedCell { BORDER-BOTTOM: #000000 1px solid } TD.cnwDoubleUnderlinedCell { BORDER-BOTTOM: #000000 3px double } TD.cnwBoldUnderlinedCell { BORDER-BOTTOM: #000000 3px solid } #ReleaseContent TABLE.cnwBorderedTable TD { BORDER-RIGHT: black 1px solid; PADDING-RIGHT: 2px; BORDER-TOP: black 1px solid; PADDING-LEFT: 2px; PADDING-BOTTOM: 2px; BORDER-LEFT: black 1px solid; PADDING-TOP: 2px; BORDER-BOTTOM: black 1px solid; BORDER-COLLAPSE: collapse } #ReleaseContent TABLE TD { PADDING-RIGHT: 2px; PADDING-LEFT: 2px; PADDING-BOTTOM: 2px; PADDING-TOP: 2px } TORONTO, May 30, 2011 /CNW/ - Labrador Iron Ore Royalty Corporation (TSX: LIF.UN) ("LIORC") announced today that holders of stapled units of LIORC approved a subdivision of its outstanding stapled units on a two-for-one basis at an annual and special meeting held on May 30, 2011. The subdivision has also been approved by the Board of Directors of LIORC and has been conditionally approved by the Toronto Stock Exchange, subject to the delivery of certain documents. The record date for the subdivision is July 1, 2011. Following completion of the subdivision, the number of outstanding common shares and subordinated note receipts represented by stapled units will increase from 32 million to 64 million and each stapled unit will thereafter consist of (a) one subordinated note receipt representing a $3.875 face amount of subordinated notes of LIORC and entitled to interest payments of $0.468 per annum, and (b) one common share of LIORC. Pursuant to the rules of the Toronto Stock Exchange, the stapled units will commence trading on a subdivided basis at the opening of business on June 29, 2011, being the second trading day prior to the subdivision record date. Certificates for the additional stapled units resulting from the subdivision will be mailed to holders of stapled units as soon as possible after the record date. Holders of stapled units should retain their existing stapled unit certificates and not send them to LIORC or its transfer agent. The Board of Directors expects the subdivision to encourage greater market...

View stock analysis, news, and events for Labrador Iron Ore Royalty Corporation