Business
Maritime Adopts Shareholder Rights Agreement
Vancouver, British Columbia--(Newsfile Corp. - March 16, 2018) - Maritime Resources Corp. (TS...
About this update from New Found Gold Corp
[{"type":"text","content":"Maritime Adopts Shareholder Rights AgreementVancouver, British Columbia--(Newsfile Corp. - March 16, 2018) - Maritime Resources Corp. (TSXV: MAE) (\"Maritime\" or the \"Company\") announces that its Board of Directors (the \"Board\") has approved the adoption of a Shareholder Rights Plan Agreement (the \"Rights Plan\"). The Rights Plan is being adopted to ensure that, in the event of a take-over bid, all shareholders of the Company will be treated fairly and will not be subject to abusive or coercive takeover strategies. The Rights Plan is similar to plans recently adopted by other Canadian companies and approved by their shareholders. It has been adopted in connection with an unsolicited offer for the shares of the Company which the Board has determined requires more information to properly assess.The rights issued under the Rights Plan will initially attach to and trade with the common shares of the Company (the \"Shares\") and no separate certificates will be issued unless an event triggering these rights occurs. The rights will become exercisable only when a person, including any party related to it, acquires or attempts to acquire 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 a rights holder, other than the acquiring person and related persons, to purchase Shares at 50% discount to the market price at the time.Under the Rights Plan, a \"Permitted Bid\" is made to all shareholders, must be open for a minimum of 105 days (or such shorter period as is permitted under the bid regime) and must contain certain conditions, including that no Shares will be taken up and paid for unless 50% of the Shares that are held by independent shareholders are tendered to the bid.The Rights Plan is subject to execution of a definitive agreement with Computershare as rights agent and approval by the TSX Venture Exchange (the \"Exchange\"). In accordance with the policies of the Exchange the Rights Plan will be presented for ratification by the shareholders at a general meeting to be held within 6 months. If ratified by shareholders, the Rights Plan will have a term of three years.A material change report and a complete copy of the Rights Plan will be filed ...