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Gold/Mining/Energy : Nuinsco Resources (NWI) -- Ignore unavailable to you. Want to Upgrade?

To: Rocket Red who wrote (251)	1/24/1999 5:53:00 PM
From: Lino...	Read Replies (2) \| Respond to 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