LCY

Southern Legacy Minerals Inc. (TSX VENTURE:LCY) ("Southern Legacy" or the
"Company") is pleased to announce that its board of directors has approved in
principle the adoption of a shareholder rights plan (the "Rights Plan"), subject
to all necessary regulatory and shareholder approvals. The Rights Plan is
designed to ensure that the Company's shareholders are treated fairly in the
event of a take-over bid for the Company's common shares and that the Company's
board of directors and shareholders will have adequate time to evaluate any
unsolicited take-over bid and, if appropriate, to evaluate and pursue other
alternatives to maximize shareholder value. 


The Rights Plan is not being adopted in response to any formal proposal to
acquire control of the Company. 


The Rights Plan is effective as of November 8, 2012 (the "Effective Date"),
subject to approval by the TSX Venture Exchange and ratification by the
shareholders of Southern Legacy. The Rights Plan will be presented for
ratification by the shareholders at the annual general and special meeting of
the shareholders of Southern legacy scheduled for December 7, 2012. If approved
by shareholders, the Rights Plan will be in effect until the close of the
Company's 2015 annual general meeting. 


The Board has adopted the Rights Plan in recognition that takeover bids may not
always result in shareholders receiving equal treatment or fair and full value
for their common shares. The Rights Plan is not intended to block take-over
bids. The Rights Plan includes "Permitted Bid" provisions which will prevent the
dilutive effects of the Rights Plan from operating if a take-over bid is made by
way of a take-over bid circular that, among other things, remains open for a
minimum of 60 days and is accepted by a specified proportion of the common
shares held by independent shareholders. In the event of a take-over bid that is
not a "Permitted Bid", the Rights Plan grants shareholders rights to acquire
additional shares of the Company ("Rights") at a significant discount to the
prevailing market price of the shares at that time. However, any shareholder who
conducts a take-over bid that is not a "Permitted Bid", is not entitled to
exercise the Rights granted under the Rights Plan. The Rights Plan includes a
"Grandfathered Person" provision whereby a person beneficially owning more than
20% of the shares of the Company as at the Effective Date is not deemed to be
making a take-over bid. If at any time a Grandfathered Person becomes the
beneficial owner of additional shares of the Company in an amount greater than
1% of the total issued and outstanding shares of the Company at such time, such
person ceases to be a Grandfathered Person. Details of the Plan will be included
in the proxy circular sent to Southern Legacy's shareholders for the upcoming
general meeting.


About Southern Legacy Minerals Inc. 

Southern Legacy Minerals Inc. ("Southern Legacy") (TSX VENTURE:LCY) is an
exploration company with a portfolio of gold and copper projects in South
America. Southern Legacy's current projects span along the Andes in Peru and
Chile. Led by a management team with over 20 years of mineral exploration and
development experience in South America, the team boasts strong relationships
with local government officials and stakeholders in the jurisdictions where
their projects are situated. Southern Legacy is currently focused on expanding
the resource at its flagship copper, gold and silver project AntaKori (formerly
known as Sinchao), located in northern Peru between Gold Fields' Cerro Corona
and Buenaventura's Tantahuatay mines. The project currently has a NI 43-101
compliant inferred resource estimate of 5.9 billion pounds of copper equivalent
contained in 294Mt at an average copper equivalent grade of 0.92%. 


Forward Looking Statement: 

Certain of the information contained in this news release constitutes
'forward-looking statements' within the meaning of securities laws. Such
forward-looking statements, including but not limited to those with respect to
the prices of metals and minerals, purchase payments, estimated future
production and estimated costs of future production involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements to be materially different from any forecast
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the actual
prices of metals and minerals, the actual results of current exploration,
development and mining activities, changes in project parameters as plans
continue to be evaluated, as well as those factors disclosed in the documents of
the Company filed from time to time with the British Columbia Securities
Commission.  



FOR FURTHER INFORMATION PLEASE CONTACT: 
Southern Legacy Minerals Inc.
Fernando Pickmann
CEO
+011.511.208.4200
fpickmann@gbplegal.com

(TSXV:LCY)
Historical Stock Chart
Von Mai 2024 bis Jun 2024

(TSXV:LCY)
Historical Stock Chart
Von Jun 2023 bis Jun 2024