DNI AMENDS AND REINSTATES SHAREHOLDER RIGHTS PLAN
June 30 2011 - 4:00PM
PR Newswire (Canada)
TORONTO, June 30, 2011 /CNW/ -- DNI METALS INC. (DNI : TSX-Ven)(DG7
: Frankfurt) TORONTO, June 30, 2011 /CNW/ - DNI Metals Inc.
(TSXV:DNI)(DG7:FSE) is pleased to announce that its Board of
Directors has resolved to amend and continue DNI's existing
shareholder rights plan (the "Plan") which is dated and effective
as of July 15, 2008, and is due to expire in the coming months, by
approving an amended and restated shareholder rights plan
(the "Amended and Restated Plan"), subject to regulatory and
shareholder approvals. The Amended and Restated Plan is identical
to the Plan, save for minor revisions necessary to better harmonize
it with various regulations enacted since 2008. The objective of
the Amended and Restated Plan is to ensure, to the extent possible,
that all DNI shareholders are treated equally and fairly in
connection with any take-over bid, and to provide sufficient time
for all shareholders to consider any such transaction. The Amended
and Restated Plan also provides DNI's Board of Directors with
additional time to consider any take-over bid and, if applicable,
to explore alternative transactions in order to maximize
shareholder value. The Amended and Restated Plan is not designed to
prevent take-over bids that treat DNI shareholders fairly. DNI is
not aware of any specific take-over bid for DNI that has been made
or is contemplated. Under the Amended and Restated Plan,
shareholders are issued one Right in respect of each DNI common
share held, such Right being attached to the share. On the
occurrence of certain triggering events, including the acquisition
by a person or group of 20% or more of the outstanding common
shares of DNI pursuant to a transaction that does not meet certain
conditions, each Right will entitle its holder (other than the
acquiring person or group) to purchase $40.00 worth of DNI common
shares, at the then market price, for $20.00 (ie: at a 50%
discount). The complete text of the Amended and Restated Plan will
shortly be available from www.sedar.com. DNI will shortly execute
the Amended and Restated Plan agreement with Equity Financial Trust
Company, DNI's transfer agent. DNI will submit the Amended and
Restated Plan to its shareholders for approval and reconfirmation
at DNI's next annual and special meeting, scheduled for September
15, 2011. In the event that the Amended and Restated Plan is not
approved and reconfirmed by DNI shareholders at this meeting, the
Amended and Restated Plan shall terminate, and DNI will no longer
have any form of shareholder rights plan. DNI also announces that
it has granted 2,875,000 stock options, pursuant to the Company's
Stock Option Plan, to its management, employees and advisors, to
allow for the purchase of up to an aggregate of 2,875,000 common
shares at a price of 30 cents per share for up to five years. Of
the options granted, an aggregate of 2,725,000 were granted to
officers and directors. DNI continues to focus its efforts on its
polymetallic black shale Properties in Alberta, and on its carried
interest in the diamond discovery on its Attawapiskat Property,
Ontario. 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. DNI - TSX Venture DG7 - Frankfurt Issued:
60,100,284 To view this news release in HTML formatting, please use
the following URL:
http://www.newswire.ca/en/releases/archive/June2011/30/c2739.html p
DNI Metals Inc. - Shahe Sabag, President & CEO or Denis
Clement, Chairman - 416-595-1195br/ email a
href="mailto:ir@dnimetals.com"ir@dnimetals.com/a. Also visit a
href="http://www.dnimetals.com"www.dnimetals.com/a /p
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