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Monday, April 02, 2012
Eastfield Announces Distribution of Shares of Fort St. James Nickel Corp. Received From 100% Sale of Kilometre 26 Project
Vancouver, BC, April 2, 2012, Eastfield Resources Ltd. ("Eastfield") (TSX-V: ETF) (the "Company") is pleased to announce that the hold period for the 20,000,000 shares (the "Payment Shares") of Fort St. James Nickel Corp. (TSX-V: FTJ) ("FTJ") which it had received in early December 2011, in consideration for the acquisition by FTJ of Eastfield's residual interest in the Kilometre 26 property, has now expired.
As previously agreed with the TSX Venture Exchange (the "Exchange") and FTJ, the Company had agreed that it would, forthwith upon expiration of the four month and one day hold period from the date of issuance of the Payment Shares, distribute the Payment Shares to the Company's shareholders pro-rata in accordance with the number of common shares of the Company held by each such shareholder. The Company presently has 44,794,919 common shares issued and outstanding.
As directed by the Exchange, the ex-dividend date for determining the ownership of shares of the Company which will be entitled to receive FTJ shares, will be the close of trading on April 4, 2012, and the shares of the Company will commence trading ex-dividend at market open on April 5, 2012. The record date for the determination will be April 10, 2012 and the payable date for distribution of the FTJ shares will be April 12, 2012.
For further information, please contact:
Donald D. Sharp, C.A.
Director and Chief Financial Officer
Tel. 604-681-7913
Fax 604-681-9855
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
About Eastfield Resources:
Eastfield is a Canadian mineral exploration company focused on the discovery of large gold and copper deposits; it currently has projects in British Columbia and in Nevada. Current projects include a 40% ownership in the Okeover copper-molybdenum project with 60% partner Prophecy Resource Corp. (TSX-V: PCY) and a 100% interest in the Tonopah gold project in Nevada. Projects currently optioned out include Zymo, optioned to Bearing Resources Ltd. (TSX-V: BRZ); Indata, optioned to Oceanside Capital Corp. (TSX-V: OCC); and Iron Lake, optioned to Calico Exploration Corp. (TSX-V: CKB). Eastfield trades on the TSX Venture exchange under the symbol "ETF". For more information, please visit the company's website at www.eastfieldresources.com.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
You can also view this News Release on our website at:
http://www.eastfieldresources.com/s/NewsReleases.asp?ReportID=516515 |