🕐26.05.12 - 01:27 Uhr
EXTORRE ADOPTS SHAREHOLDER RIGHTS PLAN
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Extorre Adopts Shareholder Rights Plan
Vancouver, B.C., May 25, 2012 – Extorre Gold Mines Limiteds
(NYSE MKT:XG; TSX:XG; Frankfurt: E1R, "Extorre" or the "Company)
board of directors has approved the adoption of a Shareholder
Rights Plan (the "Plan").
The Plan is effective as of today but
is subject to shareholder ratification within six months in
order to remain in place.
The purpose of the Plan is to provide shareholders and the
Companys Board of Directors with adequate time to consider and
evaluate any unsolicited bid made for the Company, to provide
the Board with adequate time to identify, develop and negotiate
value-enhancing alternatives, if considered appropriate, to any
such unsolicited bid, to encourage the fair treatment of
shareholders in connection with any take-over bid for the
Company and to ensure that any proposed transaction is in the
best interests of the Companys shareholders.
Effective May 25, 2012, rights (the "Rights") were issued and
attached to all Extorre common shares.
A separate Rights
certificate will not be issued until such time as the Rights
become exerciseable.
The Rights will become exercisable only if
a person, together with its affiliates, associates and joint
actors, acquires or announces its intention to acquire
beneficial ownership of shares which when aggregated with its
current holdings total 20% or more of the Companys outstanding
common shares (determined in the manner set out in the Plan),
other than by a Permitted Bid (as described in the Plan).
Following the acquisition of more than 20% of the Extorre
outstanding common shares by any person (and its affiliates,
associates and joint actors), except for a Permitted Bid, each
Right held by a person other than the acquiring person (and its
affiliates, associates and joint actors) would, upon exercise,
entitle the holder to purchase Extorre common shares at a
substantial discount to their then prevailing market price.
Permitted Bids under the Plan must meet the following conditions
, among others: it is made by way of a take-over bid circular
prepared in compliance with applicable securities laws, made to
all shareholders of the Company for all common shares, and must
remain open for a minimum of 60 days.
A copy of the Plan was provided to the Toronto Stock Exchange
(the "TSX").
The TSX has accepted notice for filing of the Plan
subject to, among other things, evidence of shareholder approval
of the Plan within six months and public disclosure of this news
release.
The Company intends to hold a shareholders meeting to
approve the Plan within six months.
A copy of the Plan is available on SEDAR at www.sedar.com and on
the Companys web page.
About Extorre
Extorre is a Canadian public company listed on the Toronto and
NYSE MKT (formerly AMEX) Exchanges (symbol XG).
The principal
assets of the Company are comprised of CDN $27 million in cash
and the Cerro Moro, Puntudo and Don Sixto projects in Argentina.
You are invited to visit the Extorre web site at
Latest news
May 16 2012
Extorre Reacts to Current Market Conditions and Announces Further
High Grade Drilling Results at Cerro Moro
more
April 19 2012
Extorre Comments on YPF Developments in Argentina
more
April 16 2012
Extorre Appoints Mr.
Trevor Mulroney to President and Chief
Executive Officer
more
Contact
EXTORRE GOLD MINES LIMITED
Mr.
Trevor Mulroney
President and Chief Executive Officer
[]
Suite 1660, 999 West Hastings St.
Vancouver, BC Canada V6C 2W2
For further information, please contact:
Rob Grey
VP Corporate Communications
T: 604.681.9512
F: 604.688.9532
Toll-free: 1.888.688.9512
NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
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