Wednesday January 26, 7:30 pm Eastern Time
Wheaton River rights plan
(Full text of press release from Canadian Corporate News)
JANUARY 26, 2000
Wheaton River Proposes Shareholder Rights Plan to Shareholders
TORONTO, ONTARIO--Wheaton River Minerals Ltd. (TSE: WRM) announced today that its board of directors has
approved the submission to shareholders of a Shareholder Rights Plan and has unanimously recommended that shareholders
approve the Plan at the Annual and Special Meeting of Shareholders of the company called, among other things, to approve the
merger of the company with Kit Resources Ltd. The shareholders meeting will be held on March 2, 2000 and a Joint
Management Information Circular is in the process of being mailed to shareholders.
The Shareholder Rights Plan has not been proposed in response to or in anticipation of any pending or proposed acquisition or
take-over offer and is not being adopted until shareholder approval is obtained and is also subject to regulatory approval.
The Plan addresses the company's concerns that the existing legislative framework does not allow sufficient time for
shareholders or the board of directors of the company to properly consider a take-over bid for the shares of the company or
ensure that all shareholders have an equal opportunity to participate in the benefits of any take-over bid. The Plan is designed to
give sufficient time to the board of directors to determine whether any offer to acquire the company is in the best interests of the
company and if necessary, to seek alternatives to any bid which it considers to be inadequate, coercive or abusive. As well, the
Plan is meant to allow sufficient time for shareholders to review the bid and any other alternatives that may emerge without
undue pressure to tender.
The Plan is in a form commonly encountered in Canada, including ''Permitted Bid'' provisions which do not invoke the dilutive
effects of the Plan if a bid is made and remains open for a minimum of 60 days. The Plan will be invoked by an acquisition,
other than pursuant to a Permitted Bid, of 20% or more of the outstanding common shares of the company or the
commencement of a take-over bid that is not a Permitted Bid. Further details regarding the Plan will be set out in the Joint
Information Circular.
FOR FURTHER INFORMATION PLEASE CONTACT:
Wheaton River Minerals Ltd.
Ian J. McDonald
Chairman and Chief Executive Officer
(416) 860-0919
or
Wheaton River Minerals Ltd.
Kerry Knoll
Vice-President, Investor Relations
(416) 860-0919
www.wheatonriver.com
or
Renmark Financial Communications Inc.
(514) 939-3989
www.renmarkfinancial.com
or
Wheaton River Minerals Ltd.
220 - 6 Adelaide St. East
Toronto, Ontario M5C 1H6
(416) 860-0919
(416) 367-0182 (FAX)
Website: www.wheatonriver.com |
