Canyon Resources Adopts New Stockholder Rights Plan to Replace Expiring Plan
23 Mars 2007 - 6:55PM
PR Newswire (US)
GOLDEN, Colo., March 23 /PRNewswire-FirstCall/ -- Canyon Resources
Corporation (AMEX:CAU), a Colorado-based mining company, today
announced that its Board of Directors adopted a new Stockholder
Rights Plan (the "rights plan") that became effective on March 23,
2007. Canyon Resources' former rights plan, adopted in 1997,
expired on March 20, 2007. The rights plan is designed to protect
all stockholders of the Company against potential acquirers who may
pursue coercive or unfair tactics aimed at gaining control of the
Company without paying all stockholders of the Company a full and
fair price. "The overriding objective of the Board of Directors in
adopting the rights plan is to maximize shareholder value should an
unsolicited offer to acquire the company arise," said James
Hesketh, President and CEO. "This will not prevent the Board from
approving a fair and equitable offer to acquire the Company if one
should materialize." In implementing the rights plan, the Board of
Directors has declared a dividend of one common stock purchase
right for each outstanding share of the Company's common stock held
of record as of the close of business on April 16, 2007. Each right
initially would entitle the holder thereof to purchase one share of
common stock. The rights will expire on March 23, 2017. The
distribution of rights under the plan will not interfere with the
Company's business plans or be dilutive or affect our reported per
share results. The rights are represented by the Company's common
stock certificates and are not immediately exercisable. Under the
plan, the preferred purchase rights generally become exercisable
upon the acquisition of 20% or more of the Company's outstanding
common stock, unless the Board of Directors redeems the rights. If
exercised, all holders of rights, other than the acquiring person
or group, would be entitled to acquire shares of the Company's
common stock at a 50% discount to the then-current market price. In
addition, if the rights become exercisable and the Company is
acquired in a merger, each right would entitle the holder to
purchase shares of the acquiring company at a 50% discount to the
then-current market price. Details of the rights plan will be
mailed to all stockholders of the Company with the Company's proxy
statement and annual report. Additional information concerning the
rights plan, including a copy of the rights plan, will be filed
with the Securities and Exchange Commission and will be accessible
via the EDGAR database at http://www.sec.gov/. For additional
information on Canyon Resources please visit our website at
http://www.canyonresources.com/. This press release includes
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934 as amended. Such forward-looking
statements include, among others, feasibility and drilling studies
for the Briggs and Cecil R projects, mineralized material
estimates, reserve estimates, drilling capability and the potential
reopening or expansion of the Briggs Mine. Factors that could cause
actual results to differ materially from these forward-looking
statements include, among others: the volatility of gold prices;
potential operating risks of mining, development and expansion; the
uncertainty of estimates of reserves, mineralized material and gold
deposits; and environmental and governmental regulations;
availability of financing; the outcome of litigation, as well as
judicial proceedings and force majeure events and other risk
factors as described from time to time in the Company's filings
with the Securities and Exchange Commission. Most of these factors
are beyond the Company's ability to control or predict. FOR FURTHER
INFORMATION, CONTACT: James Hesketh, President and CEO (303)
278-8464 Valerie Kimball, Investor Relations (303) 278-8464
http://www.canyonresources.com/ DATASOURCE: Canyon Resources
Corporation CONTACT: James Hesketh, President and CEO, or Valerie
Kimball, Investor Relations, +1-303-278-8464, both of Canyon
Resources Corporation Web site: http://www.canyonresources.com/
Copyright
Canyon Resource (AMEX:CAU)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Canyon Resource (AMEX:CAU)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024
Real-Time news about Canyon Resources Corp (American Stock Exchange): 0 recent articles
Plus d'articles sur Canyon Resource New