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7/29/11

Portage Resources (POTG.pk): Still don't think it's a scam? Look at this

This is hilarious. Here's the link to the SEC filing, here's the paste-out.


SECTION 8

OTHER EVENTS

Item 8.01 – Other Events

On July 27, 2011, the Board of Directors unanimously approved a dividend whereby the shareholders or Portage Resources Inc. (the “Company”) will receive a dividend payable as a  ten for one (10:1) forward split of the issued and outstanding shares of Common Stock   of the Company  pursuant to Section 78.215 of the Nevada Revised Statutes.  Pursuant to NRS78.215 and consistent with the Company’s Articles of Incorporation there is no shareholder approval required for this action.  The Record Date of the Forward Split was set as August 8, 2011 and the Effective Date and Payment Date is set as August 10, 2011.  The dividend to be paid to the shareholders of record is payable upon surrender.  Therefore, in order to receive the dividend shares the shareholders of record must surrender their existing shares to the transfer agent and will receive 10 new shares of the Company for each 1 share surrendered.

The effective date and the payment date is subject to FINRA approval and the Company will announce the payment date when such approval is received.

Further, as part of this approved action of the Board of Directors, the Company’s Executive Officer, Mr. Paul Luna Belfiore agreed to return a total of 230,000,000 restricted shares to treasury for cancellation prior to the record date, which would leave a total of 445,200,000 shares issued and outstanding as at the record date.

The dividend shares when issued will increase the Company’s issued and outstanding common shares to 4,452,000,000 common shares, all with par value of $0.001.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


 
PORTAGE RESOURCES INC.
   
Dated: July 28, 2011
By:
/s/ Paul Belfiore
 
 Name:
Paul Belfiore
`
 Title:
Chief Executive Officer


Yes, you read that correctly. As of next August 10th Portage Resources (POTG.pk) will have four point four five two BILLION shares outstanding, but only if the dumb sheep holding the POTG.pk stock voluntarily step up and surrender their shares. If you snooze you lose and that shitbag Luna is laughing at you from his window overlooking Peru's biggest casino.