Business
Baru Gold Adopts Shareholder Rights Plan
July 25, 2023 – TheNewswire - Vancouver, BC - Baru Gold Corp (the “Company” or “Baru”) (TSXV:BARU) (OTC:BARUF) announced that its Board of Directors has approve
About this update from Baru Gold Corp
[{"type":"text","content":"July 25, 2023 – TheNewswire - Vancouver, BC - Baru Gold Corp (the “Company” or “Baru”) (TSXV:BARU) (OTC:BARUF) announced that its Board of Directors has approved a new shareholder rights plan (the “Plan”) pursuant to a shareholder rights agreement between the Company and Computer Trust Company of Canada as rights agent, effective immediately, the shareholders of the Company. The Plan has been adopted to ensure the fair treatment of all shareholders in connection with any take-over bid for the Company. The Plan is not being adopted in response to any specific proposal to acquire control of Baru Gold, nor is the Board of Directors aware of any pending or threatened take-over bid for Baru Gold. On the effective date, at the close of business today, one right will be issued and attached to each common share of the Company outstanding at such time. The rights will automatically attach to the common shares of Baru Gold (the “Common Shares”) and no further action will be required by shareholders. A right will also automatically attach to each Common Share of Baru Gold issued hereafter. Subject to the terms of the Plan and to certain exceptions provided therein, the rights will become exercisable in the event that any person, together with joint actors, acquires or announces its intention to acquire 20 percent or more of the Company’s outstanding Common Shares without complying with the “Permitted Bid” provisions of the Plan or in circumstances where the application of the Plan is waived in accordance with its terms. The Plan has been conditionally approved by the TSX Venture Exchange and is subject to the ratification by the shareholders of the Company within six months of its effective date. The Board intends to recommend the ratification of the Rights Plan for approval by its shareholders at the Company’s next annual meeting of shareholders, which will be held prior to December 31, 2023. If ratified by shareholders, the Plan will have an initial term of three years. If the Plan is not ratified by the Company’s shareholders at the annual meeting of shareholders, the Plan and all rights issued thereunder will terminate and cease to be effective at that time. The Company also wishes to advise that each finder’s warrant issued in connection with the closing of the financing announced on June 22, 2023, shall be exercisable for one common ...