Globex Adopts Shareholder Rights Plan
31 March 2011 - 7:11AM
Marketwired
GLOBEX MINING ENTERPRISES INC. (TSX: GMX)(FRANKFURT: G1M)(OTCQX:
GLBXF) announces that its Board of Directors has adopted a
shareholder rights plan (the "2011 Plan"). The 2011 Plan replaces
Globex's previous shareholder rights plan which expired on March
19, 2011.
The purpose of the 2011 Plan is to provide shareholders and the
Board of Directors with adequate time to consider and evaluate any
unsolicited take-over bid made for Globex's common shares; provide
the Board of Directors with adequate time to identify, develop and
negotiate value-enhancing alternatives; encourage the fair and
equal treatment of shareholders in connection with any take-over
bid for Globex's common shares; and generally to prevent any person
from acquiring ownership of or the right to vote more than 20% of
Globex's common shares while the process undertaken by the Board of
Directors is ongoing.
Pursuant to the 2011 Plan, rights were issued and attached to
all outstanding common shares. A separate rights certificate will
not be issued until the rights become exercisable. If a person
acquires common shares in breach of the 2011 Plan, each right held
by a shareholder, other than the acquiring person and its
affiliates, associates and joint actors, will upon exercise and
payment of the exercise price, entitle the holder of the right to
purchase common shares from Globex with a total market value equal
to twice the exercise price of the rights. The 2011 Plan provides
for permitted bids, which must be for all of the outstanding common
shares, other than common shares held by the acquiring person and
its affiliates, associates and joint actors, and must remain open
for acceptance by shareholders for at least 60 days from the date
that the bid is made.
The 2011 Plan has been adopted by the Board of Directors subject
to the approval of the Toronto Stock Exchange and is also subject
to approval of Globex's shareholders at the annual meeting
scheduled for May 2, 2011.
22,027,675 shares issued and outstanding
Forward Looking Statements
This news release may contain certain "forward looking
statements". These statements may involve a number of known and
unknown risks and uncertainties and other factors that may cause
the actual results, level of activity and performance to be
materially different from the expectations and projections of
Globex. No assurance can be given that any events anticipated by
the forward-looking information will transpire or occur, or if any
of them do so, what benefits Globex will derive therefrom. In
particular, no assurance can be given as to whether the 2011 Plan
will be approved by the TSX or Globex's shareholders.
We Seek Safe Harbour. Foreign Private Issuer 12g3 - 2(b)
CUSIP Number 379900 10 3
Contacts: Globex Mining Enterprises Inc. Jack Stoch, P.Geo.,
Acc.Dir. President & CEO 819-797-5242 819-797-1470 (FAX)
info@globexmining.com www.globexmining.com
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