Toronto, ON - February 28th 2011 - Volta Resources Inc.
("Volta" or the "Company") (TSX: VTR) announces
that its Board of Directors (the "Board") has approved the
adoption of a shareholder rights plan agreement ("SRP"), to be
entered into with Equity Financial Trust Company, as rights agent. The SRP
is being adopted to provide adequate time for the Board and the Company's
shareholders to assess any unsolicited take-over bid (a "Bid")
which might be received, to provide the Board with sufficient time to
explore and develop alternatives for maximizing shareholder value and to
provide the Company's shareholders with an equal opportunity to participate
in the Bid and protect them from unfair or coercive tactics. The SRP is not
being adopted as a result of any pending or suspected unsolicited Bid to
acquire control of the Company.
The SRP is intended to encourage any Bid to satisfy certain minimum
standards designed to promote fairness. If a Bid fails to satisfy these
minimum standards, the SRP provides that holders of the Company's common
shares, other than the bidder, will be able to purchase additional common
shares at a substantial discount to market price.
The SRP is subject to the approval of the Toronto Stock Exchange and the
ratification by the shareholders of the Company at the Company's next
annual meeting of shareholders to be held later this year.
Upon execution of the SRP, a copy will be filed under the Company's SEDAR
profile at www.sedar.com.
Volta is a mineral exploration company primarily focused on becoming a
leader in the identification, acquisition and exploration of gold
properties in West Africa. The Company is currently fast-tracking its
flagship Kiaka Gold Project, located in Burkina
Faso, towards a development decision.
For further information, please refer to our website www.voltaresources.com
or contact:
Kevin Bullock, P.Eng., President & CEO
Tel: (647) 388-1842
Fax: (416) 867-2298
Email: kbullock@voltaresources.com
or
Andreas Curkovic, Investor Relations
(416) 577-9927
Forward Looking Information Caution:
This press release presents
"forward-looking statements" within the meaning of Canadian
securities legislation that involve inherent risks and uncertainties.
Forward-looking statements include, but are not limited to, statements with
respect to the purpose of the adoption of the SRP by the Company, the
anticipated approval of the Toronto Stock Exchange and the anticipated
ratification of the SRP by the shareholders of the Company. Generally,
these forward-looking statements can be identified by the use of forward
looking terminology such as "plans", "expects" or
"does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could",
"would", "might" or "will be taken",
"occur" or "be achieved". Forward-looking statements
are subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance or
achievements of Volta to be materially different from those expressed or
implied by such forward looking statements, including but not limited to:
risks related to the SRP successfully providing the Board and the
shareholders of the Company with sufficient time to assess any unsolicited
Bid that may be received, and to provide the Board with sufficient time to
explore and develop alternatives that will ultimately maximize shareholder
value and protect shareholders. Although the management and officers of
Volta believe that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions and have attempted to
identify important factors that could cause actual results to differ
materially from those contained in forward-looking statements, there may be
other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. Volta Resources does not
undertake to update any forward-looking statements that are incorporated by
reference herein, except in accordance with applicable securities laws.