Business
TNR Gold Adopts Shareholder Rights Plan
Vancouver, British Columbia--(Newsfile Corp. - July 20, 2023) - TNR Gold Corp. (TSXV: TNR) (" T...
About this update from Tnr Gold Corp.
[{"type":"text","content":"TNR Gold Adopts Shareholder Rights PlanVancouver, British Columbia--(Newsfile Corp. - July 20, 2023) - TNR Gold Corp. (TSXV: TNR) (\"TNR\", \"TNR Gold\" or the \"Company\") is pleased to announce that the board of directors of the Company (the \"Board\") has approved the adoption of a shareholder rights plan (the \"Rights Plan\") pursuant to a shareholder rights plan agreement entered into with Computershare Trust Company of Canada, as rights agent (the \"Rights Agent\") dated July 20, 2023 (the \"Effective Date\").The adoption of the Rights Plan is intended to ensure, to the extent possible, that all shareholders of the Company are treated fairly and equally in connection with any unsolicited take-over bid or other acquisition of control of or a significant interest in the Company and to protect against acquisitions of control of the Company through purchases of common shares of the Company that are exempt from applicable Canadian take-over bid rules, also referred to as \"creeping\" take-over bids. Furthermore, the Rights Plan will ensure the Board is provided with adequate time to consider and evaluate such a take-over bid or other acquisition and, if appropriate, identify, develop and negotiate any value-enhancing alternatives.The Rights Plan is substantially similar to shareholder rights plans adopted by other Canadian issuers and the Rights Plan is not being adopted in response to any specific proposal to acquire control of the Company.In accordance with the terms of the Rights Plan, one right (a \"Right\") will be issued and attached to each common share in the capital of the Company (a \"Share\") outstanding as of the record time under the Rights Plan. A Right will also be attached to each Share issued after the Effective Date in accordance with the terms of the Rights Plan. The issuance of the Rights will not change the manner in which shareholders trade their Shares and the Rights will automatically attach to the Shares with no further action required by shareholders. Subject to the terms of the Rights Plan, the Rights issued under the Rights Plan become exercisable only if a person (an \"Acquiring Person\"), together with certain parties related to such person, acquires or announces its intention to acquire beneficial ownership of 20% or more of the outstanding Shares without complying with the \"Permitted Bid\" provi...