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News
09.04.2008
Adriana Adopts Shareholder Rights Plan
Adriana Adopts Shareholder Rights Plan
Adriana Resources Inc. (“Adriana” or the “Company”) – (TSX-V: ADI, WKN: A0F7EL) announces that its Board of Directors has approved the adoption of a Shareholder Rights Plan Agreement (the “Rights Plan”). The Rights Plan is being adopted to ensure the fair treatment of all Adriana shareholders in the event of any unsolicited take-over bid for the outstanding common shares of Adriana. The Rights Plan will provide shareholders with adequate time to properly evaluate and assess a take-over bid and ensure a proposed transaction is in the best interest of all shareholders. The Rights Plan also provides the Board with additional time to consider any take-over bid and, if applicable, to pursue alternatives in order to protect, preserve and maximize shareholder value. In addition, it would allow time for competing bids to emerge.
The Rights Plan is not designed to prevent take-over bids that treat Adriana shareholders fairly. The rights issued under the Rights Plan become exercisable only when a person, together with any party related to it or acting jointly with it, acquires or announces the intention to acquire 20% or more of Adriana’s outstanding common shares without complying with the “Permitted Bid” provisions of the Rights Plan or without the approval of the Board of Directors.
Any bid that meets certain criteria intended to protect the interests of all shareholders are deemed to be “Permitted Bids”. A Permitted Bid must be made by way of a take-over bid circular prepared in compliance with applicable securities laws and, in addition to certain other conditions, must remain open for 60 days. In the event a take-over bid does not meet the Permitted Bid requirements of the Rights Plan, the rights issued under the plan will entitle shareholders (other than any shareholder or shareholders involved in the take-over bid) to purchase additional common shares of Adriana at a significant discount to the market price of the common shares at that time.
The Company is not aware of any pending or threatened take-over bid or proposal to acquire control of the Company. The Rights Plan is similar to those adopted by other Canadian listed companies and is consistent with Canadian corporate practices.
The Rights Plan, which is effective immediately, is subject to approval by the TSX Venture Exchange and will be presented for ratification by the Company’s shareholders at its Annual and Special General Meeting to be held on April 30, 2008. If ratified by shareholders, the Rights Plan will terminate on the third anniversary of the 2008 annual meeting of shareholders.
The full text of the Rights Plan is available in the Company’s profile on www.sedar.com and can also be obtained from Adriana upon written request.
About Adriana Resources Inc.
Adriana’s goal is to become a fully integrated iron ore producer through continued development of its iron ore port facility in Brazil, through acquisition of iron ore mineral resources in Brazil, and the advancement of the Lac Otelnuk Iron Project in Quebec, Canada.
For more information, contact Robert Ferguson or Ali Sinawi at (604) 629-0250 or toll free at (877) 629-0150 or visit the Company’s website at www.adrianaresources.com.
ON BEHALF OF ADRIANA RESOURCES INC.
“Michael J. Beley”
President
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.