|By Marketwired .||
|July 8, 2014 05:00 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/08/14 -- Strategic Metals Ltd. ("Strategic" or the "Company") (TSX VENTURE: SMD) announces that it has approved the adoption of a new shareholder rights plan (the "new rights plan"), to be effective upon the termination of the existing shareholder rights plan at Strategic's 2014 annual general meeting, scheduled to be held on July 11, 2014. The new rights plan has been designed to encourage the fair and equal treatment of shareholders in connection with any takeover bid for Strategic's outstanding securities, and will provide the board of directors with additional time to assess the advantages and disadvantages of any particular offer, and to seek out alternative proposals in the best interests of all shareholders. The new rights plan will essentially be a continuation of the shareholder rights plan adopted by Strategic on January 3, 2012, as ratified by its shareholders at the annual general and special meeting held on June 25, 2012.
Strategic will not be adopting the new rights plan in response to any specific proposal to acquire control of its outstanding securities. The new rights plan will be similar to plans adopted by other Canadian companies and ratified by their shareholders. It is not the intention of the new rights plan to entrench management or prevent a change of control of Strategic to the detriment of shareholders. The new rights plan will not apply to takeover bids that meet certain requirements including that the bid be made by way of a takeover bid circular and be left open for at least 60 days so as to ensure that shareholders will have an adequate opportunity to assess the merits of any such bid.
The new rights plan will be subject to TSX Venture Exchange acceptance and to Strategic obtaining ratification thereof at an annual general meeting of shareholders to be held within six months - in that regard, said shareholder ratification will be sought at Strategic's 2014 annual general meeting. If ratified, the new rights plan will have an initial term which will expire at Strategic's annual general meeting of shareholders to be held in 2017; the new rights plan may also be reconfirmed and extended at that annual general meeting and at every third annual general meeting thereafter. If ratified as disclosed above, a copy of the new rights plan will be available for viewing on SEDAR and may also be obtained from Strategic subsequent to its 2014 annual general meeting of shareholders.
ON BEHALF OF THE BOARD
Bruce A. Youngman, Chairman and Director
For further information concerning Strategic or its various exploration projects please visit our website at www.strategicmetalsltd.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
Strategic Metals Ltd. - Corporate Information
W. Douglas Eaton
President and C.E.O.
Strategic Metals Ltd. - Corporate Information
Bruce A. Youngman
Strategic Metals Ltd. - Investor Inquiries
(604) 687-2522 or NA Toll-Free: (888) 688-2522
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