ATAC Resources Ltd. Announces Board Approval of A New Shareholder Rights Plan
25 April 2014 - 4:21AM
Marketwired
ATAC Resources Ltd. Announces Board Approval of A New Shareholder
Rights Plan
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 24, 2014) - ATAC
Resources Ltd. ("ATAC" or the "Company") (TSX-VENTURE:ATC)
announces that it has approved the adoption of a new shareholder
rights plan (the "new rights plan"), to be effective upon the
termination of the existing shareholder rights plan at ATAC's 2014
annual general meeting, scheduled to be held on June 24, 2014. The
new rights plan has been designed to encourage the fair and equal
treatment of shareholders in connection with any takeover bid for
ATAC's outstanding securities, and will provide the board of
directors with additional time to assess the advantages and
disadvantages of any particular offer, and to seek out alternative
proposals in the best interests of all shareholders. The new rights
plan will essentially be a continuation of the shareholder rights
plan adopted by ATAC on April 23, 2010, as ratified by its
shareholders at the annual general and special meeting held on June
10, 2010, and as extended through to the date of its 2014 annual
general meeting at the annual general and special meeting held on
May 22, 2012.
ATAC will not be adopting the new rights plan in response to any
specific proposal to acquire control of its outstanding securities.
The new rights plan will be similar to plans adopted by other
Canadian companies and ratified by their shareholders. It is not
the intention of the new rights plan to entrench management or
prevent a change of control of ATAC to the detriment of
shareholders. The new rights plan will not apply to takeover bids
that meet certain requirements including that the bid be made by
way of a takeover bid circular and be left open for at least 60
days so as to ensure that shareholders will have an adequate
opportunity to assess the merits of any such bid.
The new rights plan will be subject to TSX Venture Exchange
acceptance and to ATAC obtaining ratification thereof at an annual
general meeting of shareholders to be held within six months - in
that regard, said shareholder ratification will be sought at ATAC's
2014 annual general meeting. If ratified, the new rights plan will
have an initial term which will expire at ATAC's annual general
meeting of shareholders to be held in 2017; the new rights plan may
also be reconfirmed and extended at that annual general meeting and
at every third annual general meeting thereafter. If ratified as
disclosed above, a copy of the new rights plan will be available
for viewing on SEDAR and may also be obtained from ATAC subsequent
to its 2014 annual general meeting of shareholders.
About ATAC
ATAC Resources Ltd. is a Yukon-based exploration company focused
on developing Canada's only Carlin-type gold district at its 100%
owned Rackla Gold Project. Recent exploration on the 1,700 sq/km
project has resulted in the delineation of the Tiger Gold Deposit,
drilling of multiple high-grade Carlin-type gold zones and the
identification of numerous early-stage gold exploration targets.
The Rackla Gold Project has no underlying royalties or third-party
interests. ATAC is well-positioned with over $25 million in its
treasury.
On behalf of Management and the Board of Directors of ATAC
Resources Ltd.
Graham Downs, CEO
For additional information concerning ATAC Resources Ltd.,
please visit ATAC's website at www.atacresources.com.
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.
This news
release may contain forward looking statement based on assumptions
and judgements of management regarding future events or results
that may prove to be inaccurate as a result of exploration and
other risk factors beyond its control, and actual results may
differ materially from the expected results.
ATAC Resources Ltd.Vanessa PickeringManager, Corporate
Communications604-687-2522 ext.
260vpickering@atacresources.comwww.atacresources.com
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