Detour Gold Corporation

Detour Gold Corporation

April 29, 2009 16:35 ET

Detour Gold Announces Adoption of Shareholder Rights Plan

TORONTO, ONTARIO--(Marketwire - April 29, 2009) - Detour Gold Corporation (TSX:DGC) ("Detour Gold" or the "Company") announces that its Board of Directors (the "Board") today adopted a Shareholder Rights Plan (the "Rights Plan"). The Rights Plan has been adopted to ensure the fair treatment of shareholders in connection with any take-over bid for common shares of Detour Gold. The Rights Plan seeks to provide shareholders with adequate time to properly assess a take-over bid without undue pressure. It also is intended to provide the Board with more time to fully consider an unsolicited take-over bid and, if considered appropriate, to identify, develop and negotiate other alternatives to maximize shareholder value. Detour Gold is not aware of any take-over bid for Detour Gold that has been made or is contemplated.

In order to implement the Rights Plan, the Board has authorized the issuance of the rights to holders of its common shares at the rate of one right for each common share outstanding. The rights issued under the Rights Plan become exercisable only when a person, including its affiliates and associates and persons acting jointly or in concert with it, acquires beneficial ownership of shares which, when aggregated with its current holdings, total 20% or more of the outstanding common shares of Detour Gold (determined in the manner set out in the Rights Plan) without complying with the "Permitted Bid" provisions of the Rights Plan or without approval of the Board. Should such an acquisition occur, the rights will entitle shareholders, other than the acquiring person and its affiliates and associates and persons acting jointly or in concert with it, to purchase additional common shares of Detour Gold at a substantial discount to the market price of the common shares at that time.

Detour Gold intends to submit the Rights Plan to its shareholders for ratification at the upcoming Annual and Special Meeting of its shareholders scheduled to be held on June 3, 2009.

Contact Information

  • Detour Gold Corporation
    Gerald Panneton
    President and CEO
    (416) 304.0800
    Detour Gold Corporation
    Laurie Gaborit
    Director Investor Relations
    (416) 304.0581