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Panoro Minerals Ltd. Announces Proposed Implementation of
Shareholders Rights Plan
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Vancouver, B.C. and Lima, Peru, May 13, 2008. Panoro Minerals Ltd. (TSX
Venture Exchange -- PML): The Company announces that its Board of
Directors has approved and adopted a Shareholders Rights Plan (the
"Plan"). The Plan entitles shareholders to severable rights to purchase
additional shares of the Company upon the occurrence of a take-over bid
(i.e. an offer to purchase 20% or more of the issued shares, when
aggregated with the offeror's shareholdings), which fails to meet
certain conditions. Bids which meet these conditions ("Permitted Bids")
do not trigger the rights to purchase additional shares. Permitted Bids
are offers which meet all of the following conditions:
1. The offer is made to all shareholders and includes shares issuable
upon exercise of share purchase warrants, stock options and other
convertible securities;
2. The offer must contain an irrevocable and unqualified provision that
no shares will be taken up or paid for prior to the close of business on
a date less than 60 days following the date of the Bid, and only if
at such date more than 50% of the shares held by independent shareholders
have been deposited or tendered and not withdrawn;
3. The offer must contain an irrevocable and unqualified provision that
any shares deposited may be withdrawn at any time until being taken up
and paid for; and
4. The offer must contain an irrevocable and unqualified provision that
if the deposit conditions set out in item 2 above are met, then the offer
or will make a public announcement of that fact, and the bid will remain
open for deposits or tenders of additional shares for not less than 10
business days from the date of the public announcement.
The Plan is designed to ensure that all shareholders are treated fairly
and equitably in the event of a take-over bid.
The Plan is subject to the acceptance of regulatory authorities,
ratification by the shareholders of the Company, and the acceptance of
the rights agent.
On behalf of the Board of
Panoro Minerals Ltd.
Luquman A. Shaheen, M.B.A., P.Eng., P.E.
President and Director
ABOUT PANORO
Panoro Minerals Ltd. is a Canadian mineral exploration company trading
on the TSX Venture Exchange (PML) and on the Frankfurt Stock Exchange
(PZM, WKN 914959) and on the Junior Board of the Lima Exchange.
Panoro's strategic focus is on exploring for large-potential gold and
copper/gold deposits in countries with the corresponding geological
potential and where the right political and economic conditions are
present. For investor inquiries please call 604-684 4246, or send an
e-mail to info@panoro.com or visit the company's website at
www.panoro.com.
This release was prepared by management of the Company who takes full
responsibility for its contents. The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or
accuracy of this news release
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Copyright (c) 2008 PANORO MINERALS LTD. (PML) All rights reserved.
For more information visit our website at http://www.panoro.com/ or
send mailto:info@panoro.com
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