On
Transfer of the Escacena Investigation permit to
Adoption of Shareholder Rights Plan
The Company also announces that that its board of directors (the 'Board') has approved a shareholder rights plan (the 'Rights Plan'). The adoption of the Rights Plan is intended to ensure, to the extent possible, that all shareholders of the Company are treated fairly in connection with any unsolicited take-over bid for the Company (as defined in the Rights Plan) and to protect against acquisition of control of the Company through purchases of shares that are exempt from applicable Canadian take-over bid rules, also referred to as 'creeping' take-over bids. The Rights Plan is substantially similar to shareholder rights plans adopted by other Canadian issuers and it was not adopted in response to any specific third-party proposal to acquire control of the Company.
Subject to the terms of the Rights Plan, the rights will become exercisable only when a person (an 'Acquiring Person'), together with its affiliates, associates and joint actors, acquires or attempts to acquire beneficial ownership of 20% or more of the outstanding shares without complying with the 'permitted bid' provisions of the Rights Plan or without approval of the Board. Should such an acquisition occur or be announced, each right would, upon exercise, entitle the holder thereof, (other than the Acquiring Person and its affiliates, associates and joint actors), to purchase shares of the Company at a 50% discount to the market price at the time. The Rights Plan provides that the rights are redeemable by the Company in certain circumstances. Pursuant to the Rights Plan, one right shall be issued at the record time in respect of each share issued and outstanding at the record date, and one right shall be issued in respect of each share issued after the record date.
The Rights Plan is effective immediately but is subject to ratification by shareholders of the Company at the Company's 2022 annual general and special meeting of shareholders, which will be held on
About the
The La Romana gravity anomaly was the first target tested and resulted in the discovery of potentially significant copper-tin mineralization from surface and extending over more than 1.2 kilometers of strike, and open in several directions.
The first drill holes at the La Jarosa target also confirmed copper mineralization and remains open. The company is now preparing to commence drilling on other targets in the project area.
About
Contact:
Tel: +44 7766 253145
Email: tmoody@panglobalresources.com
Web: www.panglobalresources.com
Statements which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. The Company believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the
The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information.
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