Significant gold resource - Excellent infrastructure
Camino Rojo Mexico : In-situ - 4.0 million ounces gold; 68.32 million ounces of silver.
Message: Canplats Adopts Shareholder Rights Plan
| December 10, 2008 |
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Canplats Adopts Shareholder Rights Plan |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2008) - Canplats Resources Corporation ("Canplats" or the "Company") (TSX VENTURE:CPQ) announced that its Board of Directors has implemented a Shareholder Rights Plan (the "Rights Plan"). The Rights Plan has been adopted to ensure the fair treatment of all Canplats shareholders in the event of a take-over bid for the outstanding common shares of Canplats. In the event that a take-over bid should occur, the Rights Plan provides a mechanism to ensure that shareholders have adequate time to properly evaluate and assess it without facing undue pressure or coercion. The Rights Plan also provides the Board with additional time to consider any take-over bid and, if applicable, to explore alternative transactions in order to maximise shareholder value. Accordingly, the Rights Plan is not designed to prevent take-over bids that treat Canplats shareholders fairly. The Rights Plan is subject to acceptance by the TSX Venture Exchange. Additionally, the Rights Plan is subject to ratification by the Company's shareholders at the Company's annual general and special meeting on January 14, 2009 and re-ratification at the Company's annual general meetings to be held in 2012 and 2015. If ratified by the shareholders at each of these meetings, the Rights Plan will have a term of nine years and will expire at the Company's annual general meeting in 2018. If the shareholders do not ratify the Rights Plan at any of such meetings, it will terminate. Pursuant to the terms of the Rights Plan, any bid that meets certain criteria intended to protect the interests of all shareholders is deemed to be a "Permitted Bid". A Permitted Bid must be made by way of a take-over bid circular prepared in compliance with applicable securities laws and, in addition to certain other conditions, must remain open for a minimum of 75 days. In the event a take-over bid does not meet the Permitted Bid requirements of the Rights Plan, the rights issued under the plan will entitle shareholders, other than any shareholder or shareholders involved in the take-over bid, to purchase additional common shares of Canplats at a significant discount to the market price of the common shares at that time. The Board of Directors is not currently aware of any pending or proposed take-over bid for Canplats. A copy of the Shareholder Rights Plan Agreement will be available under the Company's profile at www.sedar.com, the website maintained by the Canadian securities regulatory authorities. Reference should be made to the full text of the plan for the details of its provisions. In addition, the Company announces that it has granted incentive stock options to directors and officers of the Company, to purchase up to 550,000 common shares of the Company. The options are exercisable for a period of five years at a price of $1.34 per share. The options were granted under and are subject to the terms and conditions of the Company's November 21, 2003 Stock Option Plan. To receive Canplats' news releases by e-mail, contact Blaine Monaghan, Director, Investor Relations, at info@canplats.com or (866) 338-0047. Some of the statements contained in the company's news releases may be forward-looking statements such as the company's future plans, objectives and goals. The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties which could cause actual results to vary considerably from these statements. The risks and uncertainties include general and economic conditions as well as those described in Canplats' SEC Form 20F as amended. The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. |
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3 Recommendations
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