Jun. 14, 2011 (Canada NewsWire Group) --
TORONTO, June 14, 2011 /CNW/ - Labrador Iron Ore Royalty Corporation
(TSX: LIF.UN) ("LIORC") announced today that it has filed articles of
amendment and entered into an amendment to the note deposit agreement
to subdivide its stapled units on a two-for-one basis with effect on
July 1, 2011. The new certificates will be mailed to registered holders
of stapled units on July 4, 2011.
The stapled units will commence trading on the Toronto Stock Exchange on a subdivided basis at the opening of business on June 28, 2011 (and not on June 29, 2011 as previously announced on May 30, 2011) as the July 1, 2011 record date for the subdivision is a statutory holiday.
LIORC also confirmed that the cash distribution of $0.75 per stapled unit announced on May 30, 2011 payable to holders of record at the close of business on June 30, 2011 and to be paid to such holders on July 25, 2011 is payable on a pre-subdivision basis. As such, the $0.75 distribution will represent $0.375 per outstanding stapled unit on the date of payment.
LIORC is a Canada corporation resulting from the conversion of Labrador Iron Ore Royalty Income Fund (the "Fund") under an Arrangement effective July 1, 2010. It holds a 15.10% equity interest in Iron Ore Company of Canada ("IOC") directly and through its wholly-owned subsidiary, Hollinger-Hanna Limited, and receives a 7% gross overriding royalty and a 10 cent per tonne commission on all iron ore products produced, sold and shipped by IOC.
Bruce C. Bone
President & Chief Executive Officer