Tuesday, 21 May 2013 04:34 PM
Montreal, Quebec - May 21, 2013, Aurvista Gold Corp. ("Aurvista" or the "Corporation") (TSX-V: AVA) announced today that its Board of Directors (the "Board") has approved the adoption of a shareholder rights plan (the "Plan"). The TSX Venture Exchange has conditionally approved the Plan. While the Plan comes into effect immediately, it is subject to shareholder ratification within six months of its adoption. The Corporation will seek shareholder ratification at its annual and special meeting of the shareholders scheduled to be held on June18, 2013.
The Plan was not adopted in response to any actual or threatened takeover bid or other proposal from a third-party to acquire control of the Corporation.
The Plan is effective as of May 21, 2013 (the "Effective Date"). In accordance with the requirements of the TSX Venture Exchange, the Corporation's shareholders will be asked to confirm the Plan at the annual and special meeting of the shareholders to be held on June 18, 2013. If approved by the shareholders, the Plan will be in effect until the sixth anniversary of the Effective Date, but must be reconfirmed by the shareholders at the 2016 annual meeting.
At the close of business on the Effective Date, one right (a "Right") will be issued and attached to each common share of the Corporation outstanding at that time. A Right will also attach to each common share of the Corporation issued after the Effective Date. If shareholders do not confirm the Plan at the upcoming general meeting, the Plan and the Rights will terminate and cease to be effective.
The Plan is similar to shareholder rights plans adopted by several other Canadian companies. The Plan is not intended to block takeover bids. The Plan includes "permitted bid" provisions which will prevent the diluted effect of the Plan from operating if a takeover bid is made by way of a takeover bid circular that, among other things, remains open for a minimum of 60 days and is accepted by a specified proportion of the common shares held by independent shareholders. The Plan will be triggered by an acquisition, other than pursuant to a Permitted Bid, of 20% or more of the outstanding common shares of the Corporation or the commencement of a takeover bid that is not a Permitted Bid.
About Aurvista Gold
Aurvista Gold Corporation is a junior gold exploration and development company. Aurvista's principal asset is the Douay Gold Project, consisting of 221 wholly owned claims totalling approximately 11,430 hectares. The Douay Project's North West Zone has 32 designated claims for a total of 1,193 hectares and is in a Joint Venture agreement with SOQUEM. The Douay Project is located on the Casa Berardi Fault in northern Quebec. The Douay Project contains a NI 43-101 compliant Mineral Resource of 114,652,000 million tonnes at 0.75 g/t gold (2.8 million ounces of gold) in the Inferred category and 2,689,000 tonnes at 2.76 g/t gold (238,433 ounces of gold) in the Measured and Indicated category, at a cut-off of 0.3 g/t gold. Details of the Douay Gold Project can be viewed on the Company's website at www.aurvistagold.com
READER ADVISORY
Statements in this press release may contain forward-looking information including, but not limited to, statements with respect to the Company's proposed drill programs. In addition, information concerning the interpretation of drill results may also be considered forward-looking statements as such information constitutes a prediction of what mineralization might be found to be present if and when a project is actually developed. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward looking statements. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including but not limited to, the ability of the Corporation to raise sufficient capital to pay the exploration and development costs on the properties, the availability of skilled labour, availability of equipment, and future capital and operating costs. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. Factors that could cause actual results to differ materially from any forward-looking information include, but are not limited to, the risks of capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, commodity price and exchange rate fluctuations, the uncertainty of estimates and projections relating to production, health, safety and environmental risks, delays in the development of projects, uncertainties relating to the interpretation of the geology, unanticipated operational or technical difficulties and other factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
For further information:
Aurvista Gold Corp.
Richard Adams, President and CEO
Telephone:(416) 682 -2674
Facsimile:(416) 504-4129
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