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Re: News Releases - Tuesday, May 11, 2010
First Point Announces Adoption of Shareholder Rights Plan
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First Point Minerals Corp. (FPX-TSX.V) ("First Point" or the "Company")
announces that its Board of Directors has unanimously adopted a
Shareholder Rights Plan (the "Plan"), subject to regulatory acceptance
and to shareholder approval to be obtained on or before October 28,
2010. Such approval will be sought at the annual meeting of the
Company's shareholders, to be held on June 24, 2010.
Thomas Beattie, Chairman of First Point's Corporate Governance
Committee noted that the Plan is consistent with First Point's
objective of enhancing value for all shareholders in the event of an
unsolicited take-over bid for First Point. "The Plan is intended to
give the Board of Directors and the shareholders of First Point a
reasonable amount of time to fully consider a bid if one is made and to
protect the shareholders from unfair, abusive or coercive take-over
strategies", Mr. Beattie stated.
By virtue of the Plan's implementation, anyone seeking to obtain
control of First Point will be encouraged to negotiate with the Board
of Directors prior to attempting a take-over, or to proceed by way of a
"Permitted Bid". Under the Plan, a Permitted Bid must be open for
acceptance for 60 days during the balance of the term of the Plan.
Under the Plan, First Point has issued one Right for no consideration
in respect of each outstanding common share of First Point to all
holders of record of common shares as at 12:01 a.m. (Vancouver time)
April 28, 2010. Hereafter, each common share issued by First Point
during the term of the Plan will have one Right attached to it. The
Rights will trade together with the common shares of First Point and
will be represented by the certificates representing the common shares
of First Point. The term of the Plan is five years unless the rights
are earlier redeemed or exchanged.
The Rights are attached to the common shares and cannot be exercised
until ten trading days after a triggering event has taken place. A
triggering event is one of the following: (i) an Acquiring Person, as
defined in the Plan, acquires 20% or more of the common shares of First
Point; or (ii) an Acquiring Person announces the intention to make a
take-over bid that would result in the person owning 20% or more of the
outstanding common shares of First Point. Upon such a triggering event
occurring, each Right would separate from the common share and
thereafter entitle each holder other than the Acquiring Person to
purchase common shares at a 50% discount to the market price.
The Rights will not be separated from the shares if the Acquiring
Person makes a Permitted Bid, defined in the Plan to mean a bid made
pursuant to a take-over bid circular to all shareholders of First
Point, which has a minimum deposit period of 60 days and pursuant to
which not less than 50% of the common shares, other than those held by
the Acquiring Person, are deposited and not withdrawn. The Permitted
Bid concept is intended to provide protection to First Point and its
shareholders while permitting shareholder democracy to operate by
extending the time for deposit to ensure due consideration of the bid
and allowing the bid to proceed if a majority of the shareholders
tender their shares.
First Point is not aware of any pending or threatened take-over bid for
First Point.
First Point Minerals Corp. is a Canadian base and precious metal
exploration company. For more information, please view the Company's
website at www.firstpointminerals.com or phone Peter Bradshaw,
President and CEO, or Ron Britten, Vice-President of Exploration, at
(604) 681-8600.
On behalf of First Point Minerals Corp.
"Peter Bradshaw"
Peter Bradshaw, Ph.D., P.Eng., President & CEO - TSX Venture
Exchange:FPX
Suite 906 -- 1112 West Pender Street
Vancouver, BC Canada V6E 2S1
Tel: 604/681-8600 Fax: 604/681-8799
e-mail firstpoint@firstpointminerals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider
accepts responsibility for the adequacy or accuracy of this release
Statements in this release that are forward-looking statements are
subject to various risks and uncertainties concerning the specific
factors disclosed under the heading "Risk Factors" in the Company's
periodic filings with Canadian securities regulators. Such information
contained herein represents management's best judgment as of the date
hereof based on information currently available. The Company does not
assume the obligation to update any forward-looking statements.
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Copyright (c) 2010 FIRST POINT MINERALS CORP. (FPX) All rights
reserved. For more information visit our website at
http://www.firstpointminerals.com/ or send
mailto:info@firstpointminerals.com
Message sent on Tue May 11, 2010 at 9:02:50 AM Pacific Time
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VanEck Vectors Global Alternative Energy ETF
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EXPLORATEUR |
CODE : FPX.T |
ISIN : CA3359371083 |
CUSIP : 335937108 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
First Point Min. est une société d’exploration minière d'or et d'argent basée au Canada. First Point Min. détient divers projets d'exploration au Honduras. Ses principaux projets en exploration sont CORRALITOS au Mexique, DECAR et JOE au Canada et TULE et CAMPORO au Honduras. |