Chaparral Gold (TSX:CHL, Stock Forum), a Scottsdale Arizona-based gold exploration firm operating in Nevada, announced today that the British Columbia Securities Commission granted the company a cease trade order canceling Chaparral's shareholders rights plan.
According to the news release, this latest action wraps up the settlement between the company and Waterton Precious Metals Fund II Cayman resulting from Waterton's hostile takeover bid.
The release went on to note, “Waterton has agreed not take up or pay for any shares tendered under its Hostile Bid and will not purchase, either directly or indirectly (or jointly or in concert with any other person) any shares of Chaparral prior to 2:00 PM (Toronto time) on April 22, 2014. Waterton's offer price of C$0.50 per share and all other conditions under the Hostile Bid remain unchanged.”
Chaparral's board still recommends that shareholders reject the hostile bid by Waterton and asks that they do not tender their common shares to the proposed transaction.