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Jul. 22, 2010 (TheNewswire.ca) --
July 22, 2010, Vancouver, BC - Tres-Or Resources Ltd. (TSXV:TRS) ("Tres-Or" or the "Company")(TSX Venture: TRS) announces that the Board of Directors (the "Board") has approved the adoption of a new Shareholder Rights Plan Agreement (the "Rights Plan"). The Rights Plan is being adopted to ensure the fair treatment of all Tres-Or shareholders in connection with any possible future take-over bids for the outstanding common shares of Tres-Or. The Rights Plan provides shareholders with adequate time to properly evaluate and assess a take-over bid without facing undue pressure or coercion. The Rights Plan is similar to rights plans adopted by other Canadian companies and replaces the Company's existing shareholder rights plan adopted in 2002.
The Rights Plan also provides the Board with additional time to consider any take-over bid and, if applicable, to explore alternative transactions in order to maximize shareholder value. The Rights Plan is not designed to prevent take-over bids that treat Tres-Or shareholders fairly. Pursuant to the terms of the Rights Plan, any bid that meets certain criteria intended to protect the interests of all shareholders are deemed to be "Permitted Bids". A Permitted Bid must be made by way of a take-over bid circular prepared in compliance with applicable securities laws and, in addition to certain other conditions, must remain open for 60 days. In the event a take-over bid does not meet the Permitted Bid requirements of the Rights Plan, the rights issued under the plan entitle shareholders, other than any shareholder or shareholders involved in the take-over bid, to purchase additional common shares of Tres-Or at a significant discount to the market price of the common shares at that time.
Adoption of the Rights Plan is subject to acceptance by the TSX Venture Exchange and it will be presented for ratification by the shareholders at the Tres-Or annual general meeting to be held on August 19, 2010, failing which the Rights Plan will be cancelled. If ratified by the shareholders, the Rights Plan will have a term of three years.
On behalf of the Board of Directors
"Laura Lee Duffett"
Laura Lee Duffett President and CEO
Contact: Brian Biles, Corporate: Ph: 604-688-8700
Email: info@tres-or.com Website: www.tres-or.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
About Tres-Or Resources Ltd.:
Tres-Or Resources Ltd. (TSX Venture: TRS) is a Canadian resource company exploring gold and precious metals projects and diamond assets in Ontario and Quebec. The experienced team has proven success in exploration through to discovery and mine development. Concurrently, the Company is developing gold production in the Ashanti region, Ghana, West Africa. Additional information related to the Company is available at: www.tres-or.com .
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