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WESTERN URANIUM
CORPORATION ADOPTS
SHAREHOLDER RIGHTS PLAN
December 15, 2008
Vancouver,
British Columbia: Western Uranium Corporation (TSX-V: WUC) (?the Company?) announces
that it has adopted a shareholder rights plan (the ?Plan?) effective today,
subject to ratification by the Company's shareholders at the next annual
general meeting to be held in early 2009.
Under the plan, the
Board of Directors has authorized the issuance of the rights to holders of
its common shares at the rate of one right for each common share outstanding
to automatically attach to the common shares without further action by the
shareholders. The Plan has been adopted to ensure the fair treatment of
shareholders in the event of an unsolicited takeover offer for the Company?s
common shares and has not been adopted in the response to, or in anticipation
of, any acquisition or takeover offer.
The rights issued under
the Plan will become exercisable if a person or group acquires 20% or more of
the common shares of the Company without complying with the ?permitted bid?
provisions of the Plan or without approval of the Company?s Board of
Directors. Should such an acquisition occur, holders of rights (other
than the acquiring person or group) will be entitled to acquire a significant
number of common shares of the company at discount to the market price at
that time. The rights are not triggered by purchases of voting shares
made pursuant to a permitted bid, which is a takeover bid made by way of a
formal takeover bid circular to all holders of common shares on identical
terms, which is open for at least 60 days and is for a minimum of at least
50% of the outstanding voting shares held by independent shareholders, and
which permits shareholders who tender their shares to subsequently withdraw
them before the closing date of the bid.
The Plan is intended to
provide the Board of Directors with adequate time to consider other
alternatives to maximize shareholder value and to allow competitive bids to
emerge. The Plan will also help to ensure, to the extent possible, that
all shareholders of the Company are treated equally and fairly in connection
with any takeover bid for the Company.
On behalf of the
Board of
Western Uranium Corporation
?Pamela J. Klessig?
Pamela J.
Klessig
President & CEO
For further
information contact:
Western Uranium Corporation
Pamela Klessig, Chief Executive Officer
Telephone: 775-827-3311
Email: info@westernuranium.com
Website: www.westernuraniumcorp.com
The TSX Venture
Exchange has in no way passed upon the merits of the proposed transaction and
has neither approved or disapproved of the contents of this press release.
Western Uranium
Corporation is a mineral exploration company with a focus on uranium.
The company has exploration properties in Kings Valley, Nevada, Treeline, New
Mexico and in the Thelon Basin, Nunavut and the Northwest Territories.
The Company has its head office in Vancouver, Canada; and its executive
management team is based in Reno, Nevada.
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