NEWS!!Goldeye Establishes Shareholders RightsPlan
Goldeye Explorations Limited ("Goldeye") (TSX VENTURE:GGY) wishes to announcethat it has established a Shareholder Rights Plan (the "Rights Plan") to ensurefair treatment for all shareholders in the event of a take-over bid and toprovide shareholders and Goldeye's Board of Directors with adequate time toevaluate any bid for the Goldeye and the opportunity to maximize shareholdervalue in the event of any such bid. Under the Rights Plan, one right will beissued and will attach to each outstanding Common Share of Goldeye. A Right onlybecomes exercisable upon the occurrence of a Flip-In Event, which is atransaction by which a person becomes an Acquiring Person and which otherwisedoes not meet the requirements of a Permitted Bid. An Acquiring Person isgenerally a person who becomes the beneficial owner of 20% or more of theoutstanding common shares of Goldeye. The result of this provision is that, inthe event a Flip-in Event occ urs, subject to all other provisions of the RightsPlan, each right will constitute the right to purchase from Goldeye ten (10)additional Common Shares at 50% of the market price at the time of the Flip-inEvent. This purchase could cause substantial dilution to the person or group ofpersons attempting to acquire control of Goldeye, other than by way of aPermitted Bid. The Rights expire on the termination of the Rights Plan, unlessredeemed before such time. If a Take-over Bid is structured as a Permitted Bid,a Flip-In Event will not occur and the Rights will not become exercisable.Permitted Bids must be made by means of a Take-over Bid circular and comply withcertain provisions which the directors believe will ensure compliance with theobjectives of the Rights Plan. The shareholders of Goldeye approved the RightsPlan at the annual and special meeting held on June 8, 2010, subject to theapproval of the TSX Venture Exchange which has advised Goldeye that it does notobject to the Rights Plan. The full text of the Rights Plan is available fromthe Corporate Secretary of Goldeye.
About Goldeye
Goldeye is a Canadian gold-focused exploration company with properties inmineral-rich and politically secure jurisdictions with long traditions of mining(Canada and Chile). Goldeye's approach is to advance precious metal deposits tothe development stage, employing, in part, technologically advanced geophysicaltechniques and occasionally joint venture funding. Goldeye is currentlypredominantly pursuing gold exploration on its Tyrrell property in the ShiningTree area of Ontario. A 10,000 metre diamond drilling program planned to beginmid-month is expected to be half completed by Christmas.
For further information regarding Goldeye or this press release, pleasecontact Blaine Webster, C.E.O and President at (905) 731-9367 or (905) 886-2538or e-mail bwebster@goldeye.ca. Goldeye's web-site address is www.goldeye.ca.
SOURCE: Goldeye Explorations Limited