Goldstrike Adopts Shareholder Rights Plan
16 November 2011 - 8:40PM
Marketwired
Goldstrike Resources Ltd. (TSX VENTURE:GSR)(PINK
SHEETS:APRAF)(FRANKFURT:KCG1) The Board of Directors of Goldstrike
Resources Ltd. has approved the adoption of a shareholder rights
plan (the "Plan").
The fundamental objectives of the Plan are to provide adequate
time for the Board of Directors and shareholders to assess the
merits of any unsolicited take-over bid, to provide the Board of
Directors with sufficient time to explore and develop alternatives
for maximizing shareholder value if a take-over bid is made, and to
provide all shareholders with an equal opportunity to participate
in a take-over bid.
The Plan is intended to encourage a person (an "Acquiring
Person") who makes a take-over bid to proceed either with the
approval of the Board of Directors or by way of a "Permitted Bid",
which generally requires a take-over bid to satisfy certain minimum
standards designed to promote fairness. Those standards include a
requirement that the bid be kept open for at least 60 days and
that, if more than 50% of the shares subject to the bid are
tendered within that period, the bid must remain open for an
additional 10 days to permit the other shareholders to also tender
their shares.
The Plan provides that if a take-over bid fails to meet these
minimum standards and the Plan is not waived by the Board of
Directors, holders of shares other than the Acquiring Person will
be able to purchase additional shares at a significant discount to
market, thus exposing the Acquiring Person to substantial dilution
of its holdings.
The Plan became effective immediately upon its approval by the
Board of Directors, but must be approved and confirmed by the
shareholders of the Company within six months thereafter to remain
in effect. If it is not so approved and confirmed, it will
terminate and the rights (the "Rights") issued under it will be
void. Unless the directors determine to terminate the Plan, the
Shareholders of the Company will be asked to consider and, if
deemed advisable, to approve and confirm the Plan at the Company's
Annual General and Special Meeting (the "Meeting") scheduled for
December 15, 2011.
Currently, the Board of Directors is not aware of any pending or
threatened take-over bid for the Company. The Plan is subject to
regulatory acceptance, including acceptance for filing by the TSX
Venture Exchange. A copy of the Plan will thereafter be available
on SEDAR at sedar.com.
Goldstrike is a well financed mineral exploration company with
twenty-four discrete exploration projects in the Yukon. For more
detailed information on these properties and the Company, refer to
Goldstrike's web site at goldstrikeresources.com.
ON BEHALF OF THE BOARD
Reimar Koch, President
Neither 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: Goldstrike Resources Ltd. Jeff Stuart (604) 681-1820
or Toll-free: (877) 566-9089 (604) 681-1864
(FAX)info@goldstrikeresources.comwww.goldstrikeresources.com
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