RE:CGT -FYIColumbus Gold Announces Adoption of Shareholder Rights Plan VANCOUVER, British Columbia, Sept. 27, 2019 (GLOBE NEWSWIRE) --
Columbus Gold Corp. ( CGTFF announces the adoption of a Shareholder Rights Plan (the “
Rights Plan”), which replaces the previously adopted Shareholder Rights Plan that expired in March 2019.
The Rights Plan takes into account the takeover bid rules adopted by the Canadian Securities Administrators (the “CSA”). The CSA have approved some changes to the takeover bid regime in Canada, including that a formal bid must remain open for acceptance for at least 105 days, subject to the ability of the target issuer to voluntarily reduce that period.
The Rights Plan was not adopted by the Board of Directors in response to any offer or takeover bid. It is intended to ensure that all shareholders have an equal opportunity to participate in any bid for control of Columbus Gold
and is not intended to prevent a takeover bid or secure the continuance of the management or the Board of Directors or to defer fair offers for Columbus Gold’s shares made by all shareholders equally.
The Rights Plan remains subject to the approval of the Toronto Stock Exchange. The Rights Plan also remains subject to ratification of the shareholders of Columbus Gold (
CGTFF ) at the next Annual General Meeting of Columbus, to be held by March 23, 2020 (the “
AGM”). If the Rights Plan is not ratified by the shareholders at the AGM, the Rights Plan will terminate and cease to be effective at that time. If the Rights Plan is ratified, it will continue to be in effect until the close of the annual meeting of the shareholders in 2023.
A copy of the Rights Plan is available on SEDAR at
www.sedar.com.
ON BEHALF OF THE BOARD,
Rock Lefranois
President and CEO
GLTA -
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