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Gold/Mining/Energy : Nuinsco Resources (NWI)
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To: Rocket Red who wrote (251)1/24/1999 5:53:00 PM
From: Lino...  Read Replies (2) of 5821
 
To All NR Jan 24
Attention Business Editors:

Nuinsco Resources Limited announces shareholder protection rights plan

TORONTO, Jan. 24 /CNW/ - Nuinsco Resources Limited (the ''Corporation'')
(TSE: NWI) announced the adoption by its Board of Directors on January 23,
1999 of a Shareholder Protection Rights Plan (the ''Plan''), similar to those
recently adopted by many other Canadian corporations. The Corporation is
concerned that the current legislation does not provide sufficient time for
the Board and shareholders of the Corporation to properly evaluate a bid or
pursue alternatives with a view to maximizing shareholder value. The Plan
seeks to ensure that all shareholders of the Corporation have an equal
opportunity to participate in the benefits of a takeover bid.
The Plan does not attempt to discourage bids. It allows a potential
bidder to make a ''permitted bid'' directly to the shareholders of the
Corporation without the prior approval of the Board. Such permitted bid must
be made to all shareholders and must remain open for a minimum period of 75
days. During this period, no tendered shares may be acquired by the bidder.
The Plan also allows for a ''competing permitted bid'' to be made while the
permitted bid is in existence.
To implement the Plan, the Board of Directors of the Corporation has
authorized the issue of one Right in respect of each outstanding common share
of the Corporation to holders of record at 5:00 p.m. (Toronto time) on January
22, 1999. For administrative convenience, the Rights will trade with the
common shares and be represented by the certificates representing common
shares.
The Plan is effective immediately, is subject to stock exchange approval,
and will be submitted to shareholders of the Corporation for their
confirmation within six months. The Plan will expire on the second anniversary
of the date of the Plan.
Neither the Board nor management of the Corporation is aware of any
pending or threatened take-over bid for the Corporation.

-30-
For further information: H. Douglas Hume, President, Telephone:
(416) 626-0470

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