TORONTO, ONTARIO--(Marketwired - April 3, 2013) - Bold Ventures Inc. (TSX:BOL) ("Bold" or the "Company") is pleased to announce that its Board of Directors has adopted a shareholder rights plan (the "Rights Plan") designed to encourage the fair and equal treatment of shareholders in connection with any take-over bid for the outstanding securities of the Company. The Rights Plan provides the Board of Directors with additional time to assess the advantages and disadvantages to any particular offer and to seek out alternative proposals in the best interests of all shareholders.
Bold has not adopted the Rights Plan in response to any specific proposal to acquire control of its outstanding shares. The Rights Plan is similar to plans adopted by other Canadian companies and ratified by their shareholders. It is not the intention of the Rights Plan to entrench management or prevent a change of control of Bold to the detriment of shareholders. The Rights Plan does not apply to take-over bids that meet certain requirements including that the bid be made by way of a take-over bid circular and be left open for at least 60 days so as to ensure that shareholders have an adequate opportunity to assess the merits of the bid.
The Rights Plan has been conditionally accepted by the TSX Venture Exchange subject to obtaining shareholder ratification of the Rights Plan at the Annual and Special Meeting of Bold to be held on May 7, 2013. If ratified, the Rights Plan will have an initial term which expires at the annual meeting of shareholders of Bold to be held in 2016, and may be extended for a second term lasting until the annual meeting of shareholders to be held in 2019. A copy of the Rights Plan will be available for viewing on SEDAR at www.sedar.com, and can also be obtained from Bold.
Bold management is pleased to report that the Company has been successful in mobilizing three drills to the Koper Lake Project in the Ring of Fire area of the James Bay Lowlands in Northern Ontario. The prime goal of the mobilization was to accomplish the positioning of the drills and the installation of the camp set up in winter conditions in advance of spring breakup. This has succeeded in material savings over accomplishing this effort after spring break up. The camp is located at the Muketei air strip situated approximately 4.9 km northwest of the project area. Two drills are further testing the chromite potential of the Blackhorse mineralization initially discovered by Fancamp on the property and a third drill is focusing on exploration for MMS type (copper-nickel sulphides and PGMs) similar to that discovered on the northwesterly adjacent Noront property.
All three drills had commenced drilling following mobilization until March 31 when drilling was halted pending receipt of an Exploration Permit under the new Mining Act (Ontario) regulations governing exploration programs in Ontario. In the interim, until receipt of the necessary permits, the Company can carry out some lower impact activities that do not require an Exploration Permit. Currently, a detailed ground gravity and magnetic survey is being completed over the project area. All core drilled to date is being logged and sampled. All samples will be forwarded immediately to the laboratory for analysis. Results of these recent drill results and the current geophysical survey data is being integrated with the historical data base for interpretation in preparation for the resumption of drilling. A summary of results will follow in due course.
On Behalf of the Board of Directors
Richard Nemis, President and CEO
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
Neither 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.