Explor Board of Directors Approve Restatement of the Shareholder Rights Plan 01/14/2016 04:31 PM ET
ROUYN-NORANDA, CANADA, Jan 14, 2016 (Marketwired via COMTEX News Network) -- Explor Resources Inc. (TSX-VENTURE: EXS)(OTCQX: EXSFF)(FRANKFURT:
E1H1)(BERLIN: E1H1) ("Explor" or the "Corporation") wishes to
announce that the Board of Directors of the Corporation ("Board")
have approved the restatement of the shareholder rights plan
("Shareholder Rights Plan"). The Shareholder Rights Plan was first
adopted by the Board in November 2008 and ratified by the
shareholders at the annual and special meeting on December 16, 2008
and reconfirmed at the annual and special meeting held on December 7,
2011. It was not presented for reconfirmation at the annual and
special meeting held on October 7, 2014 and therefor was terminated.
On January 13, 2016 the Board passed a resolution to readopt and
restate the Shareholder Rights Plan. The restatement of the
Shareholder Rights Plan is subject to the approval of the TSX Venture
Exchange ("TSXV") and to the ratification by shareholders at the next
annual meeting or it will be terminated. The Corporation will be
seeking shareholder ratification at the meeting of shareholders to be
held on February 16, 2016.
Pursuant to the terms of the Shareholder Rights Plan, the Corporation
will issue one right (a "Right") in respect of each common share
outstanding. The Shareholder Rights Plan is to provide the Board of
Directors and the Corporation's shareholders with sufficient time to
properly consider any take-over bid made for the Corporation and to
allow enough time for competing bids and alternative proposals to
emerge. The Shareholder Rights Plan also seeks to ensure that all
Corporation shareholders are treated fairly in any transactions
involving a change in control of the Corporation and have an equal
opportunity to participate in the benefits of a take-over bid.
Under applicable laws, the Board will be permitted to utilize the
Shareholder Rights Plan to allow additional time to negotiate with
third parties which are considering making competing bids, but the
Shareholder Rights Plan cannot be utilized to deny shareholders the
opportunity to tender into any tender offer. The Shareholder Rights
Plan will not prevent an offer made to all shareholders for all of
their shares.
The Rights issued under the Shareholder Rights Plan become
exercisable when a person, together with any parties related to it,
acquires or announces its intention to acquire 20% or more of the
Corporation's outstanding common shares without complying with the
"Permitted Bid" provisions of the Shareholder Rights Plan or without
approval of the Board of Directors. The Corporation is not aware of
any specific take-over bid that has been made for the Corporation or
is currently being contemplated.
Explor Resources Inc. is a publicly listed company trading on the TSX
Venture (EXS), on the OTCQX (EXSFF) and on the Frankfurt and Berlin
Stock Exchanges (E1H1).
This press release was prepared by Explor. Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the Policies of the TSX Venture Exchange) has reviewed or
accepts responsibility for the adequacy or accuracy of this release.
About Explor Resources Inc.
Explor Resources Inc. is a Canadian-based natural resources company
with mineral holdings in Ontario, Quebec, Saskatchewan and New
Brunswick. Explor is currently focused on exploration in the Abitibi
Greenstone Belt. The belt is found in both provinces of Ontario and
Quebec with approximately 33% in Ontario and 67% in Quebec. The Belt
has produced in excess of 180,000,000 ounces of gold and 450,000,000
tonnes of cu-zn ore over the last 100 years. The Corporation was
continued under the laws of Alberta in 1986 and has had its main
office in Quebec since 2006.
Explor Resources Flagship project is the Timmins Porcupine West (TPW)
Project located in the Porcupine mining camp, in the Province of
Ontario. Teck Resources Ltd. is currently conducting an exploration
program as part of an earn-in on the TPW property. The TPW mineral
resource (Press Release dated August 27, 2013) includes the
following:
Open Pit Mineral Resources at a 0.30 g/t Au cut-off grade are as follows: Indicated: 213,000 oz (4,283,000 tonnes at 1.55 g/t Au) Inferred: 77,000 oz (1,140,000 tonnes at 2.09 g/t Au) Underground Mineral Resources at a 1.70 g/t Au cut-off grade are as follows: Indicated: 396,000 oz (4,420,000 tonnes at 2.79 g/t Au) Inferred: 393,000 oz (5,185,000 tonnes at 2.36 g/t Au)
This document may contain forward-looking statements relating to
Explor's operations or to the environment in which it operates. Such
statements are based on operations, estimates, forecasts and
projections. They are not guarantees of future performance and
involve risks and uncertainties that are difficult to predict and may
be beyond Explor's control. A number of important factors could cause
actual outcomes and results to differ materially from those expressed
in forward-looking statements, including those set forth in other
public filling. In addition, such statements relate to the date on
which they are made. Consequently, undue reliance should not be
placed on such forward-looking statements. Explor disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, save and except as may be required by applicable
securities laws.
Contacts: Christian Dupont, President 888-997-4630 or 819-797-4630 819-797-6050 (FAX) info@explorresources.com https://www.explorresources.com
SOURCE: Explor Resources Inc.
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