VANCOUVER, Nov. 16 /CNW Telbec/ - Continuum Resources Ltd (TSXV: CNU)
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 Continuum shareholders in
connection with any take-over bid for the outstanding common shares of
Continuum. The Rights Plan will provide shareholders with adequate time to
properly evaluate and assess a take-over bid without facing undue pressure or
coercion. The Rights Plan also provides the Board with additional time to
consider any take-over bid and, if applicable, to explore alternative
transactions in order to maximize shareholder value.
The Rights Plan is not designed to prevent take-over bids that treat
Continuum shareholders fairly. Pursuant to the terms of the Rights Plan, 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 Continuum at a
significant discount to the market price of the common shares at that time.
The Rights Plan is not being adopted in response to any proposal to
acquire control of Continuum. The Rights Plan is subject to approval by the
TSX Venture Exchange and will be presented for ratification by the
shareholders at the Continuum annual meeting to be held by no later than
September, 2008. If ratified by shareholders, the Rights Plan will have a term
of three years.
Continuum is actively exploring 12 separate gold-silver projects in the
state of Oaxaca, where Continuum has acquired approximately 220,000 hectares.
Continuum is also 24% joint venture partner with Fortuna Silver Mines Inc.
(TSXV: FVI) on the San Jose silver project, on which drilling continues to
expand on the resource estimate previously announced by the Company on
March 12, 2007.
On behalf of the Board of Continuum Resources Ltd.
"Warren M. McIntyre"
Warren M. McIntyre, Corporate Secretary and Director
The TSX Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Renmark Financial Communications Inc.: Barry
Mire, firstname.lastname@example.org, Dan Symons, email@example.com,
(514) 939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com