Business & Finance
Mon, December 22, 2008Fri, December 19, 2008Thu, December 18, 2008Wed, December 17, 2008Tue, December 16, 2008Mon, December 15, 2008Sun, December 14, 2008Fri, December 12, 2008Thu, December 11, 2008Wed, December 10, 2008Tue, December 9, 2008Mon, December 8, 2008Everton Resources Inc.: Everton Adopts a Shareholder Rights Plan
Published in Business and Finance on Wednesday, December 17th 2008 at 12:37 GMT by Market Wire
OTTAWA, ONTARIO--(Marketwire - Dec. 17, 2008) - Everton Resources Inc. (TSX VENTURE:EVR)(FRANKFURT:ERV) ("Everton" or the "Company") is pleased to announce the establishment of a Shareholder Rights Plan (the "Plan") effective December 17th 2008. The Plan will provide the Board of Directors (the "Board") and the shareholders with more time to fully consider any unsolicited takeover bid for the Company without undue pressure and to allow the Board to pursue, if appropriate, other alternatives to maximize shareholder value and to allow additional time for competing bids to emerge.
The Plan is intended to discourage coercive or unfair take-over bids and has not been adopted in response to, or in contemplation of, any specific proposal to acquire control of the Company. The Board believes that the recent economical uncertainty and its consequences on the stock markets may have created an environment where an opportunistic take-over offer could be made for Everton. Such an offer may not be in the best interest of all shareholders. The Plan is designed to ensure that all shareholders receive equal treatment and to maximize shareholder value in the event of a take-over bid or other acquisition that could lead to the change in control of the Company. It is not intended to deter take-over proposals.
The Plan must be ratified by the shareholders at its next Annual General Meeting ("AGM"), which is scheduled to take place in mid-2009. If the rights plan resolution is ratified and confirmed at the AGM, the Plan will continue in effect until the earlier of the termination time, as defined in the terms of the Plan, or 3 years from the date the Plan was ratified by shareholders. If the Plan is not approved at the meeting, it will terminate at the end of the meeting.
The Company believes that the Plan is similar to those adopted by other Canadian companies, is consistent with Canadian corporate practice and addresses guidelines for such plans set out by institutional investors. A complete copy of the Shareholder Rights Plan will be available shortly on SEDAR at [ www.sedar.com ].
Profile:
Everton is well funded and actively exploring in the Dominican Republic adjacent to the US$2.7 billion Pueblo Viejo project, currently being developed by the world's largest gold mining company, Barrick Gold Corporation (60%) (NYSE/TSX: ABX) in partnership with Goldcorp (40%) ("Goldcorp") (NYSE: GG, TSX: G). Pueblo Viejo is estimated to contain 20.4 million ounces of gold, 2.6 billion pounds of zinc, 423.6 million pounds of copper and 117.3 million ounces of silver. Everton is also actively exploring in the Opinaca region of James Bay, Quebec where the Company has amassed one of the largest land claims adjacent to Goldcorp Inc.'s Eleonore gold deposit which currently hosts an estimated mineral resource of 3.68 million ounces of gold (December 31, 2007 at $650/oz. Au).
This press release contains certain forward-looking statements that involve risks and uncertainties, such as statements of Everton's plans, objectives, strategies, expectations and intentions. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to Everton, or its management, are intended to identify such forward-looking statements. Many factors could cause Everton's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. The forward-looking statements included in this press release represent Everton's views as of the date of the release. While Everton anticipates that subsequent events and developments may cause its views to change, it specifically disclaims any obligation to update these forward-looking statements. All subsequent written and oral forward-looking statements attributable to Everton or persons acting on its behalf are expressly qualified in their entirety by this notice.
The TSX Venture Exchange neither approves nor disapproves of the information contained in this News Release.
