PAN - TSX-V
CALGARY, April 9 /CNW/ - PanTerra Resource Corp. ("PanTerra") today
announced that its Board of Directors has adopted a Shareholder Rights Plan
(the "Rights Plan").
The Rights Plan has been adopted by the Board of Directors to ensure the
fair treatment of shareholders in connection with any take-over offer for the
Corporation, and to provide the Board of Directors and shareholders with
additional time to fully consider any unsolicited take-over bid. The Rights
Plan will also provide the Board of Directors more time to pursue, if
appropriate, other alternatives to maximize shareholder value.
The Rights Plan has conditionally been approved by the TSX Venture
Exchange, is effective as of April 4, 2007 and must be approved by
shareholders at the 2007 annual meeting of the shareholders of the
Corporation. If approved by shareholders, the Rights Plan will have an initial
term of three years. If not approved, the Rights will be redeemed in
accordance with the terms of the Rights Plan.
The Corporation is not adopting the Rights Plan in response to any
specific proposal to acquire control of the Corporation. The Rights Plan is
similar to plans adopted by other Canadian companies and approved by their
The Rights Plan is not intended to prevent take-over bids. Under the
Rights Plan, those bids that meet certain requirements intended to protect the
interests of all shareholders are deemed to be "Permitted Bids". Permitted
Bids must be made by way of a take-over bid circular prepared in compliance
with applicable securities laws and remain open for sixty days
Under the Rights Plan, Rights have been issued and attached to all common
shares of the Corporation issued and outstanding as of the close of business
on April 4, 2007. Rights will be issued upon any future issuance of any common
shares of the Corporation that occurs prior to the Separation Time (as defined
in the Rights Plan).
In the event a take-over bid does not meet the Permitted Bid requirements
of the Rights Plan, the Rights will entitle shareholders, other than any
shareholder or shareholders making the take-over bid, to purchase additional
common shares in the Corporation at a substantial discount to the market value
at the time.
PanTerra Resource Corp. is an Alberta-based resource company focused on
the exploration and development of unconventional shallow and shale gas. The
Company holds three permits and one license for a total of 1.1-million acres
(550,000 acres net) on four properties in Saskatchewan. PanTerra trades on the
TSX Venture Exchange under the symbol "PAN". Further information can be found
The TSX Venture exchange has not reviewed nor accepts responsibility for
the adequacy or accuracy of the contents of this news release.
For further information:
For further information: PanTerra Resource Corp., Fred P. Rumak
(President and CEO), (403) 261-5900, E-mail: firstname.lastname@example.org; or
Herve B. Collet V.P. (Operations and COO), (403) 261-5900,