GLR adopts shareholder rights plan

    TORONTO, March 30 /CNW/ - GLR Resources Inc. (the "Company") (TSX - GRS;
Frankfurt - GKF) announces that its board of directors (the "Board") has
adopted a Shareholder Rights Plan (the "Plan"), similar to existing
shareholder rights plans adopted by other Canadian public companies.
    The objectives of the Plan are to ensure, to the extent possible, that
all shareholders of the Company are treated equally and fairly in connection
with any take-over bid for the Company. The Plan discourages discriminatory,
coercive or unfair take-overs of the Company and gives the Company's Board
time if, in the circumstances, the Board determines it is appropriate to take
such time, to pursue alternatives to maximize shareholder value in the event
an unsolicited take-over bid is made for all or a portion of the outstanding
common shares of the Company (the "Common Shares").
    In order to implement the adoption of the Plan, the Board authorized the
issuance of one right (a "Right") in respect of each Common Share outstanding
at the close of business on March 29, 2007 (the "Record Time"). In addition,
the Board authorized the issuance of one Right in respect of each additional
Common Share issued after the Record Time. The Rights trade with and are
represented by Common Share certificates, including certificates issued prior
to the Record Time. Until such time as the Rights separate from the Common
Shares and become exercisable, Rights certificates will not be distributed to
    If a person, or a group acting in concert, acquires (other than pursuant
to an exemption available under the Plan) beneficial ownership of 20% or more
of the Common Shares, Rights (other than those held by such acquiring person
which will become void) will separate from the Common Shares and permit the
holder thereof to purchase Common Shares at a 50% discount to their market
price. A person, or a group acting in concert, who is the beneficial owner of
20% or more of the outstanding Common Shares as of the Record Time is exempt
from the dilutive effects of the Plan provided such person (or persons) does
not increase its beneficial ownership by more than 1% (other than in
accordance with the terms of the Plan). At any time prior to the Rights
becoming exercisable, the Board may waive the operation of the Plan with
respect to certain events before they occur.
    The issuance of the Rights is not dilutive until the Rights separate from
the underlying Common Shares and become exercisable or until the exercise of
the Rights. The issuance of the Rights will not change the manner in which
shareholders currently trade their Common Shares.
    The Plan is subject to the approval of the Toronto Stock Exchange, and
requires confirmation by the Company's shareholders within six months of the
Plan's effective date, being March 29, 2007. If the Plan is not confirmed by
shareholders, the Plan and all outstanding Rights will terminate and be void
and of no further force and effect.
    The Plan is not being proposed in response to, or in contemplation of,
any specific take-over bid for the Company. The Board did not adopt the Plan
to prevent a take-over of the Company, to secure the continuance of management
or the directors in their respective offices or to deter fair offers for the
Common Shares.

For further information:

For further information: Robert J. Kasner, President & CEO, GLR
Resources Inc., Phone: (705) 567-5351, Fax: (705) 567-5557, E-Mail:, Website:; Malcom Bucholtz, Investor
Relations, GLR Resources Inc., Phone: (306) 539-2921, E-Mail:

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890