Mar. 3, 2011 (Canada NewsWire Group) --
Proposed Two for One Subdivision of Stapled Units
TORONTO, March 3 /CNW/ - The Directors of Labrador Iron Ore Royalty Corporation announced today that the holders of stapled units will be asked to approve a subdivision of the stapled units on a two for one basis at the annual meeting to be held on May 30, 2011. After the subdivision, there will be 64 million stapled units outstanding and each stapled unit will consist of (a) one subordinated note receipt representing a $3.875 face amount of 12.08% subordinated notes and (b) one common share.
Cash Distribution for the First Quarter of 2011 - $0.50 Per Stapled Unit and Special Dividend - $1.00 Per Stapled Unit
The Directors of the Corporation declared today a regular quarterly cash distribution of $0.50 per stapled unit, comprising a $0.234 interest payment on subordinated notes and a $0.266 common share dividend. The Directors also declared a special dividend of $1.00 per common share, for a total distribution of $1.50 per Stapled Unit. All amounts are payable to holders of record at the close of business on March 31, 2011 and to be paid on April 25, 2011.
Bruce C. Bone
President & Chief Executive Officer