Some of you have had questions regarding the dividend that TAG Oil shareholders will be issued today.
TAG Oil will dividend out its holdings of Coronado Resources Ltd. TAG currently owns 49% of Coronado, listed on the NEX board of the TSX Venture Exchange. This has been on TAG’s balance sheet for several years, and this is a one-time dividend to divest the shares from TAG’s balance sheet. Once complete, TAG will no longer own Coronado shares and as such it will not be ongoing.
Coronado is actively searching for strategic opportunities with growth potential. The Company is currently evaluating opportunities in Canada and internationally that would maximize shareholder value. Debt-free, with a highly experienced team, a network of prominent equity investors, and with only 5,662,340 shares outstanding, Coronado represents a huge opportunity for its shareholders, once partnered with the right venture.
The Coronado shares will be deposited into the same account in which shareholders currently hold their TAG shares. The shares are fully tradeable on the NEX board, should people choose to sell, hold or buy.