Adopts Shareholder Rights Plan
posted on May 05, 2009 02:22PM
Edit this title from the Fast Facts Section
|May 5, 2009
|Hana Mining Adopts Shareholder Rights Plan
|VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 5, 2009) - Hana Mining Ltd. (TSX VENTURE:HMG)(FRANKFURT:4LH) (the "Company") announces that the Board of Directors has approved and adopted a Shareholder Rights Plan (the "Plan"). The Plan entitles shareholders to severable rights to purchase additional shares of the Company upon the occurrence of a take-over bid (i.e. an offer to purchase 20% or more of the issued shares, when aggregated with the offeror's shareholdings), which fails to meet certain conditions. Bids which meet these conditions ("Permitted Bids") do not trigger the rights to purchase additional shares. Permitted Bids are offers which meet all of the following conditions:
1. The offer is made to all shareholders and includes shares issuable upon exercise of share purchase warrants, stock options and other convertible securities;
2. The offer must contain an irrevocable and unqualified provision that no shares will be taken up or paid for prior to the close of business on a date less than 60 days following the date of the Bid, and only if at such date more than 50% of the shares held by independent shareholders have been deposited or tendered and not withdrawn;
3. The offer must contain an irrevocable and unqualified provision that any shares deposited may be withdrawn at any time until being taken up and paid for; and
4. The offer must contain an irrevocable and unqualified provision that if the deposit conditions set out in item 2 above are met, then the offeror will make a public announcement of that fact, and the bid will remain open for deposits or tenders of additional shares for not less than 10 business days from the date of the public announcement.
The Plan is designed to ensure that all shareholders are treated fairly and equitably in the event of a take-over bid. The Board of Directors is not currently aware of any pending or proposed take-over bid for the Company.
The Plan is subject to its acceptance by regulatory authorities and ratification by the shareholders of the Company. If ratified by the shareholders, the Plan will have a term of five years.
ABOUT HANA MINING LTD.
Hana Mining is a junior exploration company seeking to acquire, explore and develop highly prospective precious, base metal and other mineral projects worldwide with emphasis in southern Africa. The Company has the right to acquire a 70% controlling interest in the Ghanzi Copper-Silver Project in Botswana. The property consists of five license blocks covering 2,200 square kilometers that contain widespread sediment-hosted copper-silver mineralization.