Business
Carpathian Gold Adopts Shareholder Rights Plan
Carpathian Gold Adopts Shareholder Rights Plan TORONTO, ONTARIO--(Marketwired - July 13, 2016) - Carpathian Gold Inc. ("Carpathian" or the "Company") (CSE:CPN)
About this update from Euro Sun Mining Inc.
[{"type":"text","content":"Carpathian Gold Adopts Shareholder Rights Plan TORONTO, ONTARIO--(Marketwired - July 13, 2016) - Carpathian Gold Inc. (\"Carpathian\" or the \"Company\") (CSE:CPN) announces that its Board of Directors (the \"Board\") has approved the adoption of a Shareholder Rights Plan (the \"Rights Plan\") pursuant to a Shareholder Rights Plan Agreement (the \"Rights Plan Agreement\") between the Company and TSX Trust Company. Shareholder approval of the Rights Plan will be sought at the Company's annual and special meeting of shareholders (the \"Meeting\") to be held on August 4, 2016. The Rights Plan is subject to shareholder ratification. In the event that the Company's shareholders do not ratify the Right Plan at the Meeting, the Rights Plan will be of no further force or effect. The fundamental objectives of the Rights Plan are to provide adequate time for Carpathian's Board and shareholders to assess an unsolicited take-over bid for the Company; to provide the Board with sufficient time to explore and develop alternatives for enhancing and maximizing shareholder value if a take-over bid is made; and, to provide shareholders with an equal opportunity to participate in a take-over bid. The Rights Plan encourages a potential acquirer who makes a take-over bid (an \"Acquirer\") to ensure the take-over bid satisfies certain minimum standards designed to promote fairness, or to proceed with the concurrence of the Board (a \"Permitted Bid\"). If a take-over bid fails to meet these minimum standards and the Rights Plan is not waived by the Board, the Rights Plan provides that holders of common shares of the Company, other than the Acquirer, will be able to purchase additional common shares at a significant discount to market, thus exposing the Acquirer to substantial dilution of its holdings. The Rights Plan has been prepared in alignment with recent amendments to the regulatory framework governing take-over bids published by the Canadian Securities Administrators, which came into effect on May 9, 2016. The Board considers that the adoption of the Rights Plan is desirable and in the interests of all of the Company's shareholders, and recommends shareholders vote in favour of the Rights Plan at its annual and special meeting scheduled for August 4, 2016. If the Rights Plan is ratified by the eligible shareholders at such meeting, it will have a...