MONTREAL, CANADA–(CCNMatthews – Nov. 17, 2006) – The Board of Directors of SIRIOS RESOURCES INC. (TSX VENTURE:SOI) has approved yesterday the adoption of a shareholder rights plan (the “Rights Plan”). The Rights Plan is designed to encourage the fair treatment of shareholders in connection with any takeover offer for the Corporation.
The Rights Plan will provide the Board of Directors and the shareholders with more time to fully consider any unsolicited takeover bid for the Corporation without undue pressure, to allow the Board of Directors to pursue, if appropriate, other alternatives to maximize shareholder value and to allow additional time for competing bids to emerge.
The Rights Plan is not being proposed in response to, or in anticipation of, any acquisition or takeover offer and is not intended to prevent a takeover of the Corporation, to secure continuance of current management or the directors in office or to deter fair offers for the Common Shares.
The Rights Plan, adopted by the Board of Directors and effective as of November 16, 2006, is subject to confirmation by the shareholders at the General Annual and Special Meeting to be held in Montreal on December 15, 2006. If ratified by the shareholders, the Rights Plan will have an initial term of 3 years. More detailed information on the Rights Plan is available in the Information Circular that will be mailed next week to the shareholders.
This press release was prepared by Dominique Doucet, P. Eng., President of Sirios.
The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information:
Dominique Doucet, CEO