ENP Newswire -
Release date- 28082014 -
The Shareholders Rights Plan
The Rights Plan will be submitted to the shareholders of
The Rights Plan is effective immediately and is governed by an agreement between
The Rights Plan is intended to ensure, to the extent possible, that all holders of common shares of the Company and the Board have adequate time to consider and evaluate any unsolicited takeover bid for the common shares of the Company, provide the Board with adequate time to identify, solicit, develop and negotiate value-enhancing alternatives, as considered appropriate, to any unsolicited take-over bid, and encourage the fair and equal treatment of the Company's shareholders in connection with any unsolicited take-over bid.
The rights of shareholders under the Rights Plan are subject to adjustment upon the occurrence of certain triggering events, including the acquisition by an individual or entity of 20% of the outstanding common shares. Upon adjustment, each right entitles the holder to acquire from
The Rights Plan allows for Permitted Bids provided that all shareholders are treated equally, have adequate time to evaluate the offer and are not otherwise coerced by the offer. A Permitted Bid does not constitute a triggering event. To the best of the Board's knowledge, no existing shareholder of the Company owns greater than 20% of the issued and outstanding common shares of the Company.
The Warrants Amendment
The Board of Directors has approved an amendment of the exercise price of 5,000,000 Warrants, which are held by arms-length parties, to an exercise price of
The Warrants were issued on
As required by TSX Venture Exchange Policy 4.1, the amended Warrants will have an accelerated expiry provision such that if the closing price of the Company's shares is equal to or greater than
For more information on
Tel: +1 (604) 630-5870
Cautionary Note Regarding Forward-Looking Statements
The securities of
Some of the statements contained in this release are forward-looking statements, such as the expected use of proceeds and estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
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