VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 24, 2014) - ATAC Resources Ltd. ("ATAC" or the "Company") (TSX VENTURE:ATC) announces that it has approved the adoption of a new shareholder rights plan (the "new rights plan"), to be effective upon the termination of the existing shareholder rights plan at ATAC's 2014 annual general meeting, scheduled to be held on June 24, 2014. The new rights plan has been designed to encourage the fair and equal treatment of shareholders in connection with any takeover bid for ATAC's outstanding securities, and will provide the board of directors with additional time to assess the advantages and disadvantages of any particular offer, and to seek out alternative proposals in the best interests of all shareholders. The new rights plan will essentially be a continuation of the shareholder rights plan adopted by ATAC on April 23, 2010, as ratified by its shareholders at the annual general and special meeting held on June 10, 2010, and as extended through to the date of its 2014 annual general meeting at the annual general and special meeting held on May 22, 2012.
ATAC will not be adopting the new rights plan in response to any specific proposal to acquire control of its outstanding securities. The new rights plan will be similar to plans adopted by other Canadian companies and ratified by their shareholders. It is not the intention of the new rights plan to entrench management or prevent a change of control of ATAC to the detriment of shareholders. The new rights plan will not apply to takeover bids that meet certain requirements including that the bid be made by way of a takeover bid circular and be left open for at least 60 days so as to ensure that shareholders will have an adequate opportunity to assess the merits of any such bid.
The new rights plan will be subject to TSX Venture Exchange acceptance and to ATAC obtaining ratification thereof at an annual general meeting of shareholders to be held within six months - in that regard, said shareholder ratification will be sought at ATAC's 2014 annual general meeting. If ratified, the new rights plan will have an initial term which will expire at ATAC's annual general meeting of shareholders to be held in 2017; the new rights plan may also be reconfirmed and extended at that annual general meeting and at every third annual general meeting thereafter. If ratified as disclosed above, a copy of the new rights plan will be available for viewing on SEDAR and may also be obtained from ATAC subsequent to its 2014 annual general meeting of shareholders.
ATAC Resources Ltd. is a Yukon-based exploration company focused on developing Canada's only Carlin-type gold district at its 100% owned Rackla Gold Project. Recent exploration on the 1,700 sq/km project has resulted in the delineation of the Tiger Gold Deposit, drilling of multiple high-grade Carlin-type gold zones and the identification of numerous early-stage gold exploration targets. The Rackla Gold Project has no underlying royalties or third-party interests. ATAC is well-positioned with over $25 million in its treasury.
On behalf of Management and the Board of Directors of ATAC Resources Ltd.
Graham Downs, CEO
For additional information concerning ATAC Resources Ltd., please visit ATAC's website at www.atacresources.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain forward looking statement based on assumptions and judgements of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.