Solex Resources Corp. adopts shareholder rights plan
VANCOUVER, May 27 - (TSX-V SOX) ("Solex" or the "Company")
announces that its board of directors has approved the adoption of a
shareholder rights plan (the "Rights Plan") designed to encourage the fair and
equal treatment of shareholders in connection with any take-over bid for the
Company's outstanding securities.
The Rights Plan is intended to provide the Company's board of directors
with adequate time to assess a take-over bid, to consider alternatives to a
take-over bid as a means of maximizing shareholder value, to allow competing
bids to emerge, and to provide the Company's shareholders with adequate time
to properly assess a take-over bid without undue pressure. The board of
directors is not currently aware of any pending or threatened take-over bid
for Solex.
The Rights Plan is similar to plans adopted by other Canadian companies
and ratified by their shareholders. Under the terms of the Rights Plan, one
right (a "Right") will be issued by Solex in respect of each outstanding
common share of the Company at the close of business May 27, 2008 and in
respect of each common share issued thereafter (subject to the terms of the
Rights Plan). The Rights issued under the Rights Plan become exercisable only
if a person acquires 20% or more of the Company's common shares without
complying with the "permitted bid" provisions of the Rights Plan or without
the approval of the Solex board of directors.
Should such an acquisition occur, holders of Rights (other than the
acquiring person and related persons) can purchase Solex common shares at a
50% discount to the prevailing market price (as defined in the Rights Plan) at
the time the Rights become exercisable. Upon exercise, each Right will permit
the purchase of the Company's common shares at a substantial discount to the
market price.
"Permitted bids" under the Rights Plan must be made to all holders of
Solex common shares and must be open for acceptance for a minimum of 60 days.
If at least 50% of the outstanding common shares have been tendered and not
withdrawn after 60 days, the bidder may take-up the shares, but must make a
public announcement of that take-up and extend the bid for a further 10 days
to allow other shareholders to tender to the bid.
Although effective as of today, the Rights Plan is subject to TSX-V
approval and ratification by Solex shareholders at the next annual meeting of
shareholders, which will be held within 6 months from today. If so ratified,
the Rights Plan must be confirmed by shareholders at every third annual
shareholders' meeting thereafter. If the Rights Plan is not ratified within
the next 6 months, the Rights Plan and all of the Rights outstanding at the
time will terminate.
A copy of the Rights Plan will be available shortly to the public for
viewing on SEDAR at www.sedar.com under the Company's profile.
About Solex Resources Corp.
Solex Resources Corp. is the dominant landholder in southern Peru's
Macusani Uranium District with concessions covering over 904 km2. In 2008, a
$5.5-million exploration program is planned on the Company's Macusani East
joint ventured uranium project along with an initial National Instrument
43-101 report. The Company is also aggressively exploring its three 100% owned
Macusani uranium projects.
For further information: Deborah Thiel, VP Corporate Development, Cell:
(604) 512-9691, Toll Free: (877) 646-4488, Email: dthiel@solexresources.com,
Website: www.solexresources.com; Joanna Longo, Investor Relations, (416)
815-0700 ext. 233, jlongo@equicomgroup.com
To update your contact information, or to be removed from this dissemination list, please email pressreleases2@equicomgroup.com
|
Southern Andes Energy Inc.
|
|
EXPLORATION STAGE |
CODE : SUR.V |
ISIN : CA8421991016 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Southern Andes is a silver and lead exploration company based in Canada. Southern Andes holds various exploration projects in Peru. Its main exploration properties are MACUSANI WEST, PICOTANI, PILUNANI, CULLQUIMAYO, MACUSANI SOUTH, MACUSANI EAST, PRINCESA and ACCOCUCHO SUR in Peru. Southern Andes is listed in Canada. Its market capitalisation is CA$ 11.5 millions as of today (US$ 9.3 millions, € 7.7 millions). Its stock quote reached its highest recent level on February 09, 2007 at CA$ 4.80, and its lowest recent point on May 22, 2020 at CA$ 0.01. Southern Andes has 74 468 000 shares outstanding. |