TORONTO, February 28, 2011 /PRNewswire/ --
- TSX: VTR
Volta Resources Inc. ("Volta" or the "Company") (TSX: VTR) announces that its Board of Directors (the "Board") has approved the adoption of a shareholder rights plan agreement ("SRP"), to be entered into with Equity Financial Trust Company, as rights agent. The SRP is being adopted to provide adequate time for the Board and the Company's shareholders to assess any unsolicited take-over bid (a "Bid") which might be received, to provide the Board with sufficient time to explore and develop alternatives for maximizing shareholder value and to provide the Company's shareholders with an equal opportunity to participate in the Bid and protect them from unfair or coercive tactics. The SRP is not being adopted as a result of any pending or suspected unsolicited Bid to acquire control of the Company.
The SRP is intended to encourage any Bid to satisfy certain minimum standards designed to promote fairness. If a Bid fails to satisfy these minimum standards, the SRP provides that holders of the Company's common shares, other than the bidder, will be able to purchase additional common shares at a substantial discount to market price.
The SRP is subject to the approval of the Toronto Stock Exchange and the ratification by the shareholders of the Company at the Company's next annual meeting of shareholders to be held later this year.
Upon execution of the SRP, a copy will be filed under the Company's SEDAR profile at http://www.sedar.com.
Volta is a mineral exploration company primarily focused on becoming a leader in the identification, acquisition and exploration of gold properties in West Africa. The Company is currently fast-tracking its flagship Kiaka Gold Project, located in Burkina Faso, towards a development decision.
Forward Looking Information Caution:
This press release presents "forward-looking statements" within the meaning of Canadian securities legislation that involve inherent risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the purpose of the adoption of the SRP by the Company, the anticipated approval of the Toronto Stock Exchange and the anticipated ratification of the SRP by the shareholders of the Company. Generally, these forward-looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Volta to be materially different from those expressed or implied by such forward looking statements, including but not limited to: risks related to the SRP successfully providing the Board and the shareholders of the Company with sufficient time to assess any unsolicited Bid that may be received, and to provide the Board with sufficient time to explore and develop alternatives that will ultimately maximize shareholder value and protect shareholders. Although the management and officers of Volta believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Volta Resources does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
For further information: please refer to our website http://www.voltaresources.com or contact: Kevin Bullock, P.Eng., President & CEO Tel: +1-647-388-1842 Fax: +1-416-867-2298 Email: firstname.lastname@example.org or Andreas Curkovic, Investor Relations +1-416-577-9927
SOURCE Volta Resources Inc.