Erin Ventures Amends Shareholder Protection Rights Plan
Victoria, British Columbia CANADA, February 05, 2013 /FSC/ - Erin Ventures Inc. (EV - TSX Venture), proposes to amend its Shareholder Protection Rights Plan in order to better protect the interests of shareholders in the event of a hostile takeover bid. Under the terms of the Shareholder Protection Rights Plan, in the event that a takeover bid for the Corporation is not a "permitted bid", shareholders will have the right to acquire additional shares of the Corporation at a substantial discount to the market price, effectively diluting the holdings of a hostile bidder. Under the proposed amendment to the Shareholder Protection Rights Plan, additional conditions will be imposed in order for a bid to be considered a "permitted bid". Those additional conditions include:
1. The bid must be for all of the outstanding shares.
2. The bid must be conditional upon acceptance by at least 66% of the shareholders.
3. The offeror must give at least 14 days' advance notice to the Corporation.
4. The offeror must obtain an independent valuation of the Corporation.
5. The bid price must be not less than the greater of: i) the total market capitalization of the Corporation's shares, OR; ii) the aggregate of the capitalized costs of the Corporation's mineral properties, OR; iii) the value of the Corporation as determined by an independent valuation.
The amendment also includes an adjustment to the dilution formula to be used in the event of a non-permitted bid. The proposed amendment to the Shareholder Protection Rights Plan is subject to approval of the TSX Venture Exchange and will be submitted for shareholder ratification at the next annual meeting.
About Erin Ventures Inc.
Erin Ventures Inc. is an international mineral exploration and development company with boron assets in Serbia and gold assets in North America. Headquartered in Victoria, B.C., Canada, Erin's shares are traded on the TSX Venture Exchange under the symbol EV. For detailed information please see Erin's website at www.erinventures.com or the Company's filed documents at www.sedar.com.
On behalf of the Board of Directors,
Blake Fallis, General Manager
For further information, please contact:
Erin Ventures Inc.
Blake Fallis, General Manager
Phone: 1-250- 384-1999 or
1-888-289-3746
www.erinventures.com
Erin's Public Quotations
Canada
TSX V: EV
USA
SEC 12G3-2(B) #82-4432
OTCBB: ERVFF
Europe
Berlin: EKV
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this press release as a webpage, please click on the following link:
http://www.usetdas.com/pr/erinventuresfeb52013.htm
Source: Erin Ventures Inc. (EV - TSX-V) http://www.erinventures.com
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