TSX-V Symbol: TTQ
Frankfurt Stock Exchange Symbol: T2U
PRESS RELEASE May 9, 2007
Corporate Office:
#520 - 700 West Pender St
Vancouver, BC Canada V6C 1G8
Tel: (604) 685-5851 Fax: (604) 685-7349
Toll Free: (888) 685-5851 email: ir@urg.ca web:
http://www.ttmresources.ca
TTM RESOURCES ANNOUNCES MR TERRY A. LYONS APPOINTED TO CHAIRMAN OF THE
BOARD AND SHAREHOLDER RIGHTS PROTECTION PLAN IS ADOPTED
Vancouver, May 9, 2007: TTM Resources Inc. is pleased to announce that,
in addition to the May 7, 2007 appointment of Mr. Donald Davidson (a
Director of Sprott Molybdenum Participation Corp.) as an Advisor to the
Board of Directors, Mr. Terry A. Lyons, B.Sc. (Civil Eng), MBA has been
appointed Chairman of the Board of the Company. Mr. Lyons is one of the
original Directors of the Company, having been appointed at the
Company's inception in 2004.
Mr. Lyons is currently Chairman of Northgate Minerals Corporation and a
director and officer of several public corporations including Director,
B.C. Pacific Capital Corporation; Canaccord Capital Inc. (Audit
Committee Chair), Diamonds North Resources Ltd. and the Vancouver
Convention Centre Expansion Project Ltd., as well as several private
corporations. He is a past Vice Chairman of Battle Mountain Gold Company
(Audit, Special Committee), former Chairman of Westmin Resources Limited
and is currently Chairman of the Mining Association of B.C. After
completing a Bachelor of Science in Civil Engineering, Mr. Lyons
attended the University of Western Ontario, graduating with an MBA in
1974.
"We are delighted to have someone of Terry's calibre and experience as
our Company's Chairman. He has a very strong background in the resource
sector and an exceptional track record of success. He is the ideal
candidate." said W.K. Crichy Clarke, President and CEO of the Company.
The Company also announces that, effective immediately, its Board of
Directors has adopted a Shareholder Rights Plan, subject to regulatory
approval and shareholder ratification at the Company's next annual
general meeting. The Company is not aware of any pending or threatened
takeover bid for the Company.
Current Canadian legislation permits a hostile bid to be made in as
little as 35 days, giving the Board of Directors little time to
implement strategies to enhance shareholder value or for competing bids
to be made. The Plan as proposed extends this time to 60 days.
The objective of the Board of Directors in adopting the Plan is to
achieve full and fair value for the Company's shareholders in the event
of an unsolicited take-over bid for the Company. Anyone seeking to
obtain control of the Company will be encouraged to negotiate with the
Board of Directors prior to attempting a take-over, or to proceed by way
of a "Permitted Bid".
The Permitted Bid concept is intended to provide protection to the
Company and its shareholders while extending the time for deposit to
ensure due consideration of the bid and allowing the bid to proceed if a
majority of the shareholders tender their shares.
Under the Plan, the Company will issue one Right for no consideration in
respect of each outstanding common share of the Company to all holders
of record of common shares. The Rights will be attached to the common
shares and cannot be exercised until after a flip-in event has taken
place. A flip-in event is one of the following: (i) an Acquiring Person,
as defined in the Plan, acquires 20% or more of the common shares of the
Company; or (ii) an Acquiring Person announces its intention to make a
take-over bid that would result in the person owning 20% or more of the
outstanding common shares of the Company.
Upon such a flip-in event occurring, each Right would separate from the
common share and thereafter entitle the holder to purchase common shares
at a significant discount to the market price.
The Rights will not be separated from the shares if the Acquiring Person
makes a Permitted Bid, as defined in the Plan, pursuant to a take-over
bid circular sent to all shareholders of the Company. The Permitted Bid
must have, among other things, a minimum deposit period of at least 60
days. The Permitted Bid must provide that not less than 50% of the
common shares, other than those held by the Acquiring Person, must be
deposited and not withdrawn.
About TTM Resources
TTM Resources Inc. is a Vancouver, British Columbia based publicly
trading junior resource Exploration Company, focused on four assets in
British Columbia, Canada: the Chu molybdenum project, the newly acquired
Terrace Project, the Moly/Gold Project, and the Deeker Creek molybdenum
project, and area claims. Exploration programs are planned for all
properties through 2007. The Company is actively exploring all four
properties. These high potential properties, experienced management,
working capital, and the Company's recently completed $8,250,000
brokered financing, are all helping to position this Company for
success.
For further information visit the Company's web site at
www.ttmresources.ca
TTM RESOURCES INC.
"Crichy Clarke"
W.K. Crichy Clarke
President & CEO
Contact:
Main
W.K. Crichy Clarke, President & CEO
Tom Brady
(604) 685-5851 or Toll Free: (888) 685-5851 Fax: (604) 685-7349
Website: www.ttmresources.ca/
Email: ir@urg.ca
Europe
Small Cap Invest Ltd
Alexander Friedrich
49 (0) 69-24 24 93 49
49 (0) 12 12 544 71 04 62
Email: afriedrich@small-cap-invest.com
This communication to shareholders and the public contains certain
forward-looking statements. Actual results may differ materially from
those indicated by such statements. All statements, other than
statements of historical fact, included herein, including, without
limitations statements regarding future production, are forward looking
statements that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated
in such statements. The TSX Venture Exchange has not reviewed and does
not accept responsibility for the adequacy or accuracy of this release.
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