This is what the S-1 states: "As of the record date of December 21, 2011 (the “ Record Date ”), there were 298,644,500 shares of common stock of Kat Gold issued and outstanding. Holders of record of Kat Exploration at the close of business on the Record Date are entitled to receive the Spin-Off Shares on a pro rata basis. Consequently, stockholders of Kat Exploration on the Record Date will receive one share of our common stock for approximately every three shares of common stock of Kat Exploration that they held on the Record Date."
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