Foundation Resources Inc. Adopts Shareholder Rights Plan
21 November 2011 - 2:30PM
Marketwired
Foundation Resources Inc. (TSX VENTURE:FDN)(FRANKFURT:52F)
("Foundation") is pleased to announce that it has adopted a
shareholder rights plan (the "Rights Plan") designed to encourage
the fair treatment of its shareholders in the event of an
unsolicited take-over bid for shares of the Company. The Rights
Plan is designed to give the Company's shareholders sufficient time
to properly assess a take-over bid without undue pressure and to
give the Company's Board of Directors time to consider alternatives
that allow the Company's shareholders to receive full and fair
value for their common shares.
Pursuant to the Rights Plan, each holder of record of the
outstanding common shares of the Company at 5:00 p.m. (PST) on
November 18, 2011 will be issued one right per common share. The
rights will trade with the common shares and be represented by the
certificates representing common shares. Although the Rights Plan
is effective immediately, it is subject to TSX Venture Exchange
approval and must be ratified by the shareholders of the Company
within six (6) months of its adoption. The Rights Plan will be
submitted to the shareholders of the Company for ratification at an
annual and extraordinary meeting of shareholders which is
anticipated to be held in early 2012.
A copy of the Rights Plan will be posted on SEDAR and on the
website of the Company at the website address listed below.
The Rights Plan is similar to shareholder rights plans adopted
by numerous other Canadian corporations. Neither the Board nor
senior management of the Company is aware of any current, pending
or threatened take-over bid for the Company.
About Foundation Resources Inc.
Foundation is a mineral exploration company focused on
exploration and development of gold and base metal properties in
Canada and Mexico. Its flagship Coldstream gold project in the
Shebandowan greenstone belt and Mitchell base metal property in the
Birch-Uchi greenstone belt east of Red Lake, occur within the
Western Superior geological province of the Canadian Shield, noted
for hosting prolific gold and base metal deposits in Ontario,
Canada. The San Rafael gold-silver property is located
approximately 150 km northwest of Durango in the Durango State,
Mexico.
On behalf of the board,
Ike Osmani, President & Director
News release contains certain "Forward-Looking Statements"
within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended. Forward-looking statements are
based on numerous assumptions and are subject to all of the risks
and uncertainties inherent in the Company's business, including
risks inherent in resource exploration and development. As a
result, actual results may vary materially from those described in
the forward-looking statements.
CUSIP: # 350476107 ISIN CA3504761071
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.
Contacts: Foundation Resources Inc. Paul Chung, MBA CEO &
Director 604-681-0405 604-687-4670 (FAX)info@foundationres.com
Foundation Resources Inc. Ike Osmani, M. Sc, P. Geo President &
Director 604-681-0405 604-687-4670
(FAX)info@foundationres.comwww.foundationres.com
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