Trevali Resources Corp. Announces Approval of Shareholders Rights Plan
02.06.2010 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - June 2, 2010) - Trevali Resources Corp. ("Trevali" or the "Company") (CNSX: TV)(PINK SHEETS: TREVF) (FRANKFURT: 4TI) is pleased to announce that at its Annual General Meeting held on May 27, 2010, its shareholders overwhelmingly approved all resolutions including the shareholders rights plan that was adopted by the Company\'s board of Directors on April 22, 2010. The plan was supported by 100 percent of the votes cast by shareholders in person and by proxy.The rights plan was adopted to ensure the fair treatment of shareholders in connection with any takeover bid for common shares of the Company. The rights plan was not adopted in response to any proposal to acquire control of the Company. The rights plan will expire at the end of the third annual general meeting of the Company\'s shareholders following this approval, unless renewed by the shareholders.
SHAREHOLDER RIGHTS PLAN
The purpose of the Shareholder Rights Plan is to provide shareholders and the Board with adequate time to consider and evaluate any unsolicited bid made for the Company, to provide the Board with adequate time to identify, develop and negotiate value-enhancing alternatives, if considered appropriate, to any such unsolicited bid, to encourage the fair treatment of shareholders in connection with any take-over bid for the Company and to ensure that any proposed transaction is in the best interests of the Company\'s shareholders.
The rights issued under the Shareholder Rights Plan will become exercisable only if a person, together with its affiliates, associates and joint actors, acquires or announces its intention to acquire beneficial ownership of shares which, when aggregated with its current holdings, total 20% or more of the Company\'s outstanding common shares (determined in the manner set out in the Shareholder Rights Plan), other than by a Permitted Bid. Permitted Bids must be made by way of a take-over bid circular prepared in compliance with applicable securities laws and, among other conditions, must remain open for 60 days. If a take-over bid does not meet the Permitted Bid requirements of the Shareholder Rights Plan, the rights will entitle shareholders, other than any shareholder or shareholders making the take-over bid, to purchase additional common shares of the Company at a substantial discount to the market price of the common shares at that time.
A copy of the Shareholder Rights Plan agreement has been filed on SEDAR.
QUALIFIED PERSON AND QUALITY CONTROL/QUALITY ASSURANCE
EurGeol Dr. Mark D. Cruise, Trevali\'s President and CEO and a qualified person as defined by National Instrument 43-101, has supervised the preparation of the information that forms the basis for this news release. Dr. Cruise is not independent of the Company, as he is an officer, director and shareholder.
ABOUT TREVALI RESOURCES CORP.
The Company in conjunction with its prospective partner, Glencore International A.G., is continuing to work through the terms of a definitive development agreement for the Santander project that will, if concluded, see Glencore provide and operate on the property, a 2,000-tonne-per-day concentrate plant, undertake mining operations on a \'contractor/toll basis\' and enter into a long-term concentrate offtake agreement with the Company for 100% of the Santander project\'s production at benchmark terms.
Additionally, through its wholly owned subsidiary Trevali Renewable Energy Inc., the Company is undertaking a significant upgrade of the Tingo run-of-river hydroelectric generating facility along with transmission line upgrades and extensions to allow, in addition to supplying power to the mining operation on the property, the potential sale of surplus power into the Peruvian National Energy Grid.
The common shares of the Company are currently listed on the CNSX (symbol TV). For further details on the Company, readers are referred to the Company\'s web site (www.trevali.com) and to Canadian regulatory filings on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of TREVALI RESOURCES CORP.
Mark D. Cruise, President
The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Trevali Resources Corp.
Steve Stakiw
Manager - Corporate Communications
(604) 488-1661
(604) 408-7499 (FAX)
sstakiw@trevali.com
www.trevali.com