Business
Moneta adopts shareholder rights plan following release of 3.14 m oz gold resource
TIMMINS, ON, Jan. 24, 2012 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XET...
About this update from Stllr Gold Inc.
[{"type":"text","content":"\n\n\n\n\n\nTIMMINS, ON, Jan. 24, 2012 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP)\n (\"Moneta\" or the \"Company\") announces that its board of directors (the \"Board\") has approved the\n adoption of a shareholder rights plan (the \"Plan\"), which takes effect\n today.  The Plan is similar to plans adopted by other Canadian\n companies, and has been adopted to ensure the fair treatment of\n shareholders in the event of any take-over bid for Moneta's common\n shares.\n\n\nIan C. Peres, President and CEO of Moneta commented, \"We have received\n comments from retail and institutional investors that the gold resource\n news we released on December 1, 2011 is a game changer for both Moneta\n and the entire Timmins Gold Camp. These comments included numerous\n references to the fact that Moneta's market capitalization is severely\n disconnected from the perceived value of our current gold resources.\n Accordingly, the Moneta board has elected to implement a Shareholder\n Rights Plan for the protection of all shareholders.\"\n\n\nThe Plan has been conditionally approved by the Toronto Stock Exchange\n and is subject to approval by Moneta's shareholders at the 2012 annual\n and special meeting. A copy of the Plan will be available on the\n Company's website at www.monetaporcupine.com and on SEDAR at www.sedar.com.\n\n\nThe primary objectives of the Plan are to provide shareholders with\n adequate time to properly evaluate any offer, and also to provide the\n Board with additional time to assess any offer and, if appropriate, to\n explore and develop alternatives for maximizing shareholder value. The\n Plan in no way prohibits a change of control of the Company in a\n transaction that is procedurally fair to its shareholders. There is\n currently no proposed or pending unsolicited take-over bid for the\n Company of which management is aware.\n\n\nThe Plan was adopted by the Board of Directors following the\n announcement of a major Mineral Resource Estimate for Moneta's Golden\n Highway Project described in detail in our December 1, 2011 press\n release.\n\n\nThe Highlights of the new NI 43-101 resource estimate include:\n\n\nThe Mineral Resource Estimate is as follows:\n\n\nIndicated:  1,071,000 ounces (33.5 Mt at 1.00 g/t Au); plus\n\n\nInferred:  2,069,600 ounces (47.8 Mt at 1.35 g/t Au);\...