May 09, 2014 13:59 ET
ROUYN-NORANDA, QUEBEC--(Marketwired - May 9, 2014) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) wishes to inform shareholders that its Board of Directors, approved the adoption of a shareholder rights plan (the "Rights Plan") entered into with Computershare Investor Services Inc. as rights agent, effective May 5, 2014.
The purpose of the Rights Plan is to ensure that, in the context of a bid for control of Globex through an acquisition of the common shares of Globex (the "Shares"), the Board of Directors has sufficient time to consider the bid and assess alternatives for maximizing shareholder value as it considers in its judgment to be in the best interests of Globex. Additionally, the Rights Plan: (i) gives shareholders an equal opportunity to participate in such a bid; (ii) gives them adequate time to properly assess the bid; and (iii) lessens the pressure to tender typically encountered by a security holder of an issuer that is subject to a bid.
Globex's Board of Directors is not aware of any third party currently considering or preparing any proposal to acquire control of Globex.
The rights plan has not been approved by the Toronto Stock Exchange and is subject to approval by the shareholders of Globex at its annual and special meeting of shareholders to be held on June 12, 2014.
The Rights Plan is intended to encourage any bid to satisfy certain minimum standards designed to promote fairness. Under the Rights Plan, one right has been issued with respect to each of the Shares issued and outstanding as of the effective date. These rights will become exercisable only when a person, including any party related to it, acquires or attempts to acquire 20 percent or more of the outstanding Shares without complying with the "Permitted Bid" provisions of the Rights Plan or without approval of Globex's Board of Directors.
A complete copy of the Rights Plan has been filed under Globex's profile on SEDAR at www.sedar.com.
40,793,755 shares issued and outstanding
Jack Stoch, P.Geo., Acc.Dir.President & CEOGlobex Mining Enterprises Inc.819.797.5242819.797.1470 (FAX)firstname.lastname@example.org
See all RSS Newsfeeds